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China's mining dominance is unlikely to last; I expect that this theoretical attack will become less and less likely.
Despite its scary-sounding name, a 51% attacker is limited in what they can do: If a 51% attacker is seeking to maximize their profit then the juiciest target for a double spend is going to be an exchange. These days I’m much more conservative and only keep money with third parties that I’m fully willing to lose. A review of selected topics covered at the 2020 unconference including philanthrophy, onboarding, web of trust, identity, BTMs, PSBTs, and bitcoin as a yield generating asset. Ever since the industrialization of Bitcoin mining in 2015 we've heard concerns about the concentration of hashpower within the borders of China.
Toggle navigation Jameson Lopp. Then it would become a game of either patiently waiting for them to give up or coordinating a code change that would make their hashing machines worthless.
Jameson stress tests new metal devices for storing seed phrase backups. Of course it's far more feasible for a nation state to identify and attack 10 targets within its borders simultaneously than it is for them to attack a thousand simultaneously. Jameson details his experience setting up a Pixel 3 phone with the privacy enhanced Graphene operating system. Stratum V2 will also bring improvements with regard to template construction. Perhaps, some day, even to protect our lives as well… though that will require our consciousness to be digitized. This is a high risk, high reward type of environment. I suspect it would be nearly impossible for the state to start seizing control of mining facilities without the news leaking to the rest of the world. Previously the head of news at Cointelegraph, she has also contributed to Decrypt and Modern Consensus. It looks like the first real implementation of this idea is occurring in Stratum V2.
A year after that I went full time and became the first infrastructure engineer at BitGo. The downsides to such an attack: It's certainly safer to just use your hashpower to profit from securing the network rather than attacking it. Not your keys, not your coins. 9 Aug 2020 • 6 min read.
A CoinShares Research report from December 2019 placed 65% of global hashrate in China. What’s the top of your reading list for starting in crypto?
Jameson Lopp enjoys building technology that empowers individuals; he is currently focused upon the evolution of Bitcoin and the crypto asset ecosystem. At time of writing we even have Twitter bots that put out alerts about any orphaned blocks.
Comprehensive coverage of metrics across a number of different verticals in the Bitcoin ecosystem to gauge performance in 2019.
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