Author: Peter Todd 2013-11-05 19:56:16
Published on: 2013-11-05T19:56:16+00:00
The email conversation between Ittay and Peter Todd on Nov 5, 2013, highlights the potential risks of a 51% attack on the Bitcoin network. While Todd assures Ittay that countermeasures based on human intervention can stop an attack in the short term, Ittay argues that smart people are planning attacks on Bitcoin all the time and exploits must be published and fixed quickly. Todd then presents a hypothetical scenario where a high-frequency trading corporation with immense computing power and low-latency network could easily launch an attack, and shares his concern that Ittay's proposed solution doesn't discuss this issue thoroughly. Todd suggests proceeding carefully and understanding the problem thoroughly before rushing to make changes. He notes that there are many potential solutions that haven't been discussed, and he himself is working on two approaches that may solve the problem in ways not yet considered publicly. The conversation ends with Todd's signature and a digital signature attached.
Updated on: 2023-06-07T19:23:44.576988+00:00