Author: Alex Mizrahi 2015-02-12 13:45:37
Published on: 2015-02-12T13:45:37+00:00
Bitcoin, like any P2P network, is vulnerable to attacks if a large number of miners decide to do so. However, it is important to note that these attacks are not directed towards Bitcoin itself, but rather towards merchants who accept payments with 0 confirmations. This type of attack has nothing to do with Bitcoin's consensus mechanism since the protocol does not provide a consensus over mempool contents. Therefore, it cannot be considered an attack on Bitcoin. For instance, having only 10% of hash power can offer a success rate of 10%, which means that even a tiny fraction of hash power can successfully attack the system. This highlights the vulnerability of the Bitcoin system and indicates that it may not be very reliable. If a system can be attacked by such a small percentage of hash power, it can be considered as a "shitty" system.
Updated on: 2023-06-09T16:54:50.686065+00:00