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Michalis Kargakis 2014-08-20 02:31:14 +03:00
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@ -781,5 +781,5 @@ The massive increase of total hashing power has arguably made bitcoin impervious
Not all attackers will be motivated by profit, however. One potential attack scenario is where an attacker intends to disrupt the bitcoin network without the possibility of profiting from such disruption. A malicious attack aimed at crippling bitcoin would require enormous investment and covert planning, but could conceivably be launched by a well funded, most likely state-sponsored attacker. Alternatively, a well-funded attacker could attack bitcoin's consensus by simultaneously amassing mining hardware, compromising pool operators and attacking other pools with denial-of-service. All of these scenarios are theoretically possible, but increasingly impractical as the bitcoin network's overall hashing power continues to grow exponentially. Recent advancements in bitcoin, such as P2Pool mining, aim to further de-centralize mining control, making bitcoin consensus even harder to attack.
Undoubtedly, a serious consensus attack would erode confidence in bitcoin in the short term, possibly causing a significant price decline. However, the bitcoin network and software is constantly evolving, so consensus attacks would be met with immediate counter-measures by the bitcoin community, making bitcoin hardier, stealthier and more robust.
Undoubtedly, a serious consensus attack would erode confidence in bitcoin in the short term, possibly causing a significant price decline. However, the bitcoin network and software is constantly evolving, so consensus attacks would be met with immediate counter-measures by the bitcoin community, making bitcoin hardier, stealthier, and more robust.