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"All who think it takes a 51% attack to cripple a blockchain are severely misinformed.
The 51% attack is a fallacy put out to make people rest easy at night.
How can I boldly say this?"
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Exposing the 51% Attack Myth
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All who think it takes a 51% attack to cripple a blockchain are severely misinformed.
The 51% attack is a fallacy put out to make people rest easy at night.
How can I boldly say this?
Because it assumes that no partitions of the blockchain or network is possible - a total fantasy in the real world!
With partitioning, segmentation (covert control of one or more regions of a network or blockchain), becomes a cakewalk for blackhatters.
It only takes one partition to split the network into two segments. If the attacker cannot gain control of one segment, he attacks the weaker segment and makes another partition and so on.
If you're already confused, don't fret. Most high level government officials are in the same boat.
Let's examine the following hypothetical scenario:
China's firewall becomes hack-proof and successfully partitions the world's BTC blockchain into two segments.
China successfully "turns" (gains control of) a tiny, 1% segment of the opposing partition.
Then it's game over, nighty-night, end of story!
Stated differently, a less than 51% attack can steal any network or blockchain with just ⅓ network control and 1 bad actor.
[C (control) = > 1/3 * 1 (bad actor) can render ANY network (blockchain) useless.]
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By JaiChai
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JaiChai 12-22-2020. Simultaneous multi-site submissions posted. All rights reserved.