In this video, we discuss why a nation-state 51% attack on ₿itcoin would fail.
In order to launch a 51% attack, an attacker needs to buy, build, or steal a huge number of ₿itcoin mining rigs (ASICs). There is no way to do this (in the age of social media and phone cameras) without ₿itcoiners finding out and having advance notice that an attack is coming. One small change to ₿itcoin Core could immediately brick these machines, and full nodes would be fully incentivized to run this software update.
If the government chooses to try to buy a lot of ASICs, the large companies that manufacture them and their sales middlemen will begin to notice, and will spread the word.
ASIC manufacturers are incentivized not to let a government try to destroy ₿itcoin, since their whole business model depends on making ASICs which can only be used for one thing-- which is mining ₿itcoin.
Further, a 51% attack CANNOT:
1) Create fake ₿itcoin or increase the max supply of 21 million
2) Steal your ₿itcoin
3) Change the consensus rules
4) Force any node to accept a block or transaction that violates the consensus rules
All that a 51% attack could do is to censor some transactions, attempt a double-spend, or even produce a series of empty blocks (effectively a denial of service attack, since no one would be able to transact on the network until the attack subsided).
As soon as the attack stops, everything goes back to normal with ₿itcoin. That would be a great ad for ₿itcoin:
"Nation-state attacker spends 10s of billions of USD and still fails to stop ₿itcoin."
It's impossible to attack ₿itcoin using standard cloud computing equipment:
https://bitcoinminingcouncil.com/wp-content/uploads/2022/10/2022.10.13-BMC-Presentation-Q3-22-Presentation.pdf
SHA-256 hash algo:
https://emn178.github.io/online-tools/sha256.html
Whinstone Bitcoin mining:
https://www.riotplatforms.com/bitcoin-mining/whinstone-u-s
Healthcare.gov plagued by crashes on 1st day:
https://www.cbsnews.com/news/healthcaregov-plagued-by-crashes-on-1st-day/
Legacy Weapons Are Eroding the Military’s Edge:
https://www.bloomberg.com/opinion/articles/2021-06-07/legacy-weapons-are-eroding-the-u-s-military-s-edge
Bitcoin SV rocked by three 51% attacks in as many months:
https://cointelegraph.com/news/bitcoin-sv-rocked-by-three-51-attacks-in-as-many-months
BSV Suffers 51% Attack:
https://www.coindesk.com/markets/2021/08/04/bsv-suffers-51-attack-report/
Original Video by Trader University: https://www.youtube.com/watch?v=FYhNNSLWX4g
Also see...
Can ₿itcoin be Attacked or Hacked? 👩💻🤔🐱💻
https://www.bitchute.com/video/0Zf24dPLWrQo/
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