Published on: 2018-06-19T18:58:01+00:00
A potential attack called Dilution, discussed on the bitcoin-dev mailing list, involves a malicious actor acquiring a majority of hash power and producing valid but empty blocks. This would effectively reduce the block rate by half or more, and nodes would be unable to adjust difficulty or blacklist the attacker. The estimated cost for such an attack is $2 billion for equipment and $0.4 billion per month for power costs. The plausibility of this attack has been questioned, but there have been no convincing arguments against it yet.To mitigate this attack, the Other Means Principle has been proposed. This principle suggests that if an attack can be carried out using means other than Bitcoin's protocol, it should not be considered a protocol-level problem. In the case of Dilution, the attack relies on acquiring hash power, which is outside the scope of Bitcoin's protocol. Therefore, it should be mitigated by external means.The email conversation between Bram Cohen and Bryan discusses the possibility of an attacker conspiring to reduce block sizes to increase transaction fees. This could be done with a miner activated soft fork. While the block rate cannot be significantly increased or decreased in the long run due to work difficulty adjustment, an attacker could potentially produce empty blocks to disrupt the system or carry out a 51% attack.The potential impact of the "empty block fallacy" on the Bitcoin network has been a topic of debate among researchers and developers. Some argue that the risk of a malicious actor acquiring a majority of hash power is low, while others emphasize the need for stronger security measures. The ongoing challenges facing the Bitcoin network highlight the need for new solutions and improved security to ensure its stability.In conclusion, Dilution is a potential attack that raises concerns about the reduction of block rates through the production of empty blocks. The cost and feasibility of such an attack make it a plausible scenario. Mitigation strategies, such as the Other Means Principle, are proposed to address this vulnerability. Ongoing discussions and research are necessary to ensure the long-term stability and security of the Bitcoin network.
Updated on: 2023-08-01T23:32:17.516706+00:00