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RE: Has Bitcoin Been Compromised? If So, How Can You Protect Yourself?
i wasnt aware of that....what do you mean by 51% attack? my knowledge about this subject is a bit limitated sorry
i wasnt aware of that....what do you mean by 51% attack? my knowledge about this subject is a bit limitated sorry
If someone (or group of people working together) own at least 51% of all (currently) available coins, they could theoretically manipulate the market in any way they chose, as they hold a majority stake and can move it how they wish. This is impossible with BTC, as no one person, or even group or persons could ever realistically own or control that much BTC at one time. I doubt it's possible with BCH as well, but it is true that it is probably more possible with BCH than BTC.
A 51% attack is where a mining entity controls 51% of the mining, allowing them to take their own transactions off network, then double spend coin on the 49% side. Effectively destroying the security and accountability of the network.
There are some videos which explain it better, I'm no tech expert myself.
A 51% attack is based upon blockchain nodes. I have a node on my PC, it is about 500MB, or less than a DVD. Lets say there are over 10,000 nodes in the world. You would have to control 5,001 nodes in order to takeover the blockchain, the other 4,999 would just simply comply. It is a data record takeover, not a market price manipulation.