[silk] Bitcoin

[Jeffrey Paul]

On 18 May, 2011, at 01:00 , Peter Thoenen wrote:

> I'm not so sure
> that's true.  Given the network at all times knows the amount of nodes out
> there (hence the 50%+1 rule for consensus) it would be trivial for a NSA
> (Nation State Actor, not TLA) to stand up 50%+1 virtual nodes fast enough
to
> gain consensus and usurp the currencies (tokens) if I understand correctly
the
> mechanism for determining legitimate tokens from the EconTalk interview.  Am
I
> missing something here?

You are.  The moment that they stop doing that, the legitimate network
overtakes it and restores order.  It would have to be a sustained attack until
all users of the network had abandoned it.

Furthermore, it is really only a minor denial-of-service, because solving 100%
of the blocks going forward only allows you to deny confirmation of the
transactions of others, and to double-spend your own pre-existing coins.

The moment the attack stops, the legitimate network would begin catching up,
and would soon overtake it.

-jp

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Jeffrey Paul        -datavibe-        sneak at datavibe.net
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