51% attack or pocket guide for the Chinese government
Are you from the Chinese government and feel threatened by Bitcoin? The answer is obviously no, and you have more important things to do, but let's imagine the opposite?
Everybody gossips about how safe and unavoidable cryptocurrencies are, which makes you sad because you like to control everything, right? Bitcoin is really much more difficult than just arresting a few people and closing the server.
But there are miners, most of them are in your country, and all you need to do is the dirty trick "51% attack."
')
Step 1. Purchase
Buy all the mining farm you find, register verified accounts (10-40 each). Thus, we have about 100 farms and 40 accounts on each. Great. Let's buy $ 100m BTC. You are the government; you can afford it for national security, right?
The market capitalization of Bitcoin at the time of writing is $ 95B, i.e. 0.1%.
Send all the money to your own wallets on your desktop.
Step 2. Find 51% miners
71% according to the site is somewhere in China. They try to be anonymous, but you are China, and they forced people to install spyware applications on their phones, so this should not be a problem.
Step 3. Secret operation
Now ask the secret law enforcement unit to find as many miners as possible on day X.
Since this is a law enforcement operation, your officers are allowed to send weapons on their heads - this will speed up their thinking process if they pretend they don’t know what BTC is.
This is how the government works when it has a goal. And since you are China, you do not need to try to look like liberals by doing so.
Step 4. Double the time!
Make sure that they do the following: they need to issue about 4,000 transactions ($ 25,000 each) from your wallets on your desktop in one block and broadcast them to everyone. These 4,000 transactions will send money back to all accounts created in step 1.
Usually, 6 blocks are required for the exchange, built from above (confirmation) to consider the end of a transaction. So now the rest of the network will try to create blocks on top of yours. As long as they do this, you take blockN, send all blockN + 1 to continue working on blockN + 2 and blockN + 3, and focus on developing blockN + 1B and blockN + 2B yourself.
You have 51%, so most likely you will be faster than everyone else. As soon as the miners receive 6 confirmations of your block, you need to request the exchange of your BTC on all the exchanges for something else: Litecoin, Ripple, Ethereum ... whatever. They usually exchange automatically. Then you need to send all these altcoins to your desktop wallets again.
After you have exchanged all BTC for Altcoins, start another “secret” branch, which basically cancels the block with its 4000 transactions.
This is called reorganization: now everyone on the network should accept your chain as the main one and forget about all the other transactions that are now orphaned.
Step 5. Price = 0
This means that bitcoins worth $ 100 million (which are no longer exchanged) were exchanged for altcoins. Congratulations on the double transaction, you now have $ 200 million cryptocurrency! The price for them will be equal to 0, but this is the original goal.
You can repeat the process again, but you do not need it. One attack of this size will destroy faith in cryptocurrency for the next few years.
There will be no negative reaction from other countries - BTC outside of any country or jurisdiction. So you can do it in private or in public.
Everybody gossips about how safe and unavoidable cryptocurrencies are, which makes you sad because you like to control everything, right? Bitcoin is really much more difficult than just arresting a few people and closing the server.
But there are miners, most of them are in your country, and all you need to do is the dirty trick "51% attack."
')
Step 1. Purchase
Buy all the mining farm you find, register verified accounts (10-40 each). Thus, we have about 100 farms and 40 accounts on each. Great. Let's buy $ 100m BTC. You are the government; you can afford it for national security, right?
The market capitalization of Bitcoin at the time of writing is $ 95B, i.e. 0.1%.
Send all the money to your own wallets on your desktop.
Step 2. Find 51% miners
71% according to the site is somewhere in China. They try to be anonymous, but you are China, and they forced people to install spyware applications on their phones, so this should not be a problem.
Step 3. Secret operation
Now ask the secret law enforcement unit to find as many miners as possible on day X.
Since this is a law enforcement operation, your officers are allowed to send weapons on their heads - this will speed up their thinking process if they pretend they don’t know what BTC is.
This is how the government works when it has a goal. And since you are China, you do not need to try to look like liberals by doing so.
Step 4. Double the time!
Make sure that they do the following: they need to issue about 4,000 transactions ($ 25,000 each) from your wallets on your desktop in one block and broadcast them to everyone. These 4,000 transactions will send money back to all accounts created in step 1.
Usually, 6 blocks are required for the exchange, built from above (confirmation) to consider the end of a transaction. So now the rest of the network will try to create blocks on top of yours. As long as they do this, you take blockN, send all blockN + 1 to continue working on blockN + 2 and blockN + 3, and focus on developing blockN + 1B and blockN + 2B yourself.
You have 51%, so most likely you will be faster than everyone else. As soon as the miners receive 6 confirmations of your block, you need to request the exchange of your BTC on all the exchanges for something else: Litecoin, Ripple, Ethereum ... whatever. They usually exchange automatically. Then you need to send all these altcoins to your desktop wallets again.
After you have exchanged all BTC for Altcoins, start another “secret” branch, which basically cancels the block with its 4000 transactions.
This is called reorganization: now everyone on the network should accept your chain as the main one and forget about all the other transactions that are now orphaned.
Step 5. Price = 0
This means that bitcoins worth $ 100 million (which are no longer exchanged) were exchanged for altcoins. Congratulations on the double transaction, you now have $ 200 million cryptocurrency! The price for them will be equal to 0, but this is the original goal.
You can repeat the process again, but you do not need it. One attack of this size will destroy faith in cryptocurrency for the next few years.
There will be no negative reaction from other countries - BTC outside of any country or jurisdiction. So you can do it in private or in public.
Source: https://habr.com/ru/post/342532/
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