The Blockchain System: Fragile AF

Previously, I wrote:

The open-ledger concept itself depends on resolving the ledger with a 51% majority vote from all ledgers. The authors say trying to game the system would cost $2.2 billion dollars. That is bullshit. That figure is based on ramping up competing ledgers for a majority. A State acting maliciously wouldn’t bother. It’d just hack the power supply and communication lines of other ledgers to achieve 51%. This is hardly a system that is entirely trustworthy from the start.

Well, the power of a State actor now isn’t necessary.

Blockchain’s Once-Feared 51% Attack Is Now Becoming Regular

As a data point for this, someone even erected a website Crypto51 showing how expensive it is to 51% attack various blockchains using a mining marketplace (in this instance, one called NiceHash). Attacking bytecoin, for example, might cost as little as $719 to attack using rented computing power.

Bitcoin advocates claim it would still require a State actor to pull off a 51% attack on the largest blockchains. Well, Russia, North Korea, and even China, are patient.

It’s only a matter of time.

This entry was posted in fraud, So Stupid It Hurts. Bookmark the permalink.

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