Published on: 2014-01-04T10:34:55+00:00
In a discussion about merge mining, David Vorick addresses the concern of a potential attack on Dogecoin. He states that if any large currency were to be attacked, it would probably be litecoin miners attacking dogecoin. However, Vorick argues that an attacker with enough control over the litecoin network to perform such an attack would likely have a vested interest in cryptocurrencies doing well. He believes that a successful attack on dogecoin would cast doubt on the entire cryptocurrency ecosystem and hurt the attacker's interests.Jorge Timón disagrees with Vorick's assumptions and suggests that some individuals within the cryptocurrency ecosystem may actually want dogecoin to disappear. The discussion ends with Timón questioning Vorick's stance on merged mining and whether or not it applies to Dogecoin.The context also highlights the use of the scrypt algorithm by Dogecoin, which is popular among cryptocurrencies. Vorick suggests that attacking a significant currency like Dogecoin would not be beneficial due to the cost and potential backlash it would cause. Moreover, he explains that an attack on a major currency would cast doubt on the entire cryptocurrency ecosystem, drop the value of Bitcoin, and affect all cryptocurrencies using the same work function as Dogecoin.The conversation raises the importance of merged mining for the security of altcoins. It is suggested that attacking a significant currency would be expensive and traumatize the whole system, causing questions to be raised and dropping the value of bitcoin as well as all cryptocurrencies using the same work function. However, with many people having access to large amounts of GPUs, there may not be much cost to conducting a 51% attack on an altcoin beyond a short-term diversion away from profitable mining.Supporting merged mining could make it less straightforward for an individual or group to carry out a 51% attack. The rational decision for a non-scam altcoin is to take advantage of merged mining to maximize security. Luke-Jr argues that using merge mining as a red flag is not entirely accurate since any non-scam altcoin is safe with merged mining. Any potential attacker would have invested in the altcoin instead of attacking it. For non-scam altcoins, the rational decision is to take advantage of merged mining to maximize security.In conclusion, the discussion revolves around the potential for a 51% attack on altcoins and the importance of merged mining for their security. The use of scrypt algorithm by Dogecoin is mentioned, along with the possibility of litecoin miners attacking dogecoin. The context highlights the potential consequences of attacking a large altcoin like Dogecoin or Bitcoin, including the drop in value of Bitcoin and the entire cryptocurrency system. The conversation also raises questions about the interests of potential attackers and the rational decision for altcoins regarding merged mining.
Updated on: 2023-08-01T07:08:12.151820+00:00