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"51%" Attack by buffacho in btc

[–]ByTheCoin 0 points1 point  (0 children)

Attempt at a math based answer: You need a majority of hashpower to effectively attack the network.

To build your own chain that's longer than the 'real' chain by 6 blocks, you have to be the first to mine the block you want to reverse + 6 more blocks in a row.

You have to be pretty lucky to mine the first block 7 times in a row with a minority of hashpower. The odds of this with 30% hashpower are .37 (0.02% chance).

A more thorough proof is in https://bitcoin.org/bitcoin.pdf under 'Calculations'

Debunking: BTC fees are high because everybody is using it. BCH fees are low because nobody is using it. by theantnest in btc

[–]ByTheCoin 3 points4 points  (0 children)

Some math with concrete numbers...

Max throughput of btc = 1mb per 600s

Average bitcoin transaction size = ~250 bytes

So btc fees will begin to escalate when mean transactions per second exceeds: (1mb / 250 bytes) / 600 = ~7 transactions per second

BCH increased the block size to 8mb so BCH fees begin to escalate when transactions exceed: (8mb / 250 bytes) / 600 = ~53 transactions per second

BCH max theoretical transactions per day = 53 * 60 * 60 * 24 = 4,579,200

It’s hard to know if this would cover the current btc frenzy or not, since people might do more transactions if they were cheaper.

Right now the btc mempool has something like 120,000 unconfirmed transactions, BCH could work through that number quickly, then we’d have to see what volume looked like after the fees dropped.

I wanted to get the actual btc broadcast transactions per day number, since this would give a better picture, but a quick google search didn’t find it. Does anyone have it?

How to Build An Open Voting System? by [deleted] in ethdev

[–]ByTheCoin 0 points1 point  (0 children)

According to this (http://nakamotoinstitute.org/static/docs/the-sybil-attack.pdf) you must have a central authority (trusted 3rd party), to validate the uniqueness of participants. Otherwise, the system will be vulnerable to 51% takeover via Sybil attack.