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Consensus is only provably secure if there is complete broadcast: every node broadcasting to every other node. That's impractical, but we should move closer to that ideal, each node communicating directly across as many internet bottlenecks as feasible to prevent eclipse attacks.https://twitter.com/udiWertheimer/status/1082918393940987906 …
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He doesn't understand the computer science, and thus makes many misleading claims and suggests things aren't solvable when they are.
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I think it is worse, he doesn't understand economics. If you look at the real skin in the game published costs of building a new large mining facility vs output it would cost >$100B to reach 50% of network hash rate in new facility costs and it would be very public.
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Maybe a mining pool hack across multiple pools could achieve >50% and be possible but it would be noticed very quickly probably 1 block max.
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Hi Nick, do you think Bitcoin network will be successfully 51% attacked ?
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A 51% attack requires owning Bitcoin in order to destroy it, which presumes some very peculiar incentives. ...
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Thanks, but technically, it’s quite possible right? If someone has enough capital
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Like the Federal Reserve? Or Goldman Sachs?
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... The occult Bitcoin backstory becomes important at this point. (Might some Fiat-Communism Plutocrat preparing a 51% attack expect an uncomfortable visit from the NSA?)
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... Still, depending on the support of a scary spook uncle would count as the index of a (very high-level) security hole, admittedly.
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Eclipse attack - For practical avoidance you want 5 nodes: two public & three private, coordinated with other publics. If all nodes become semi-public, but are not relied upon for syncing, systems grow vulnerable. If networks avoided node sharing, this would increase cost?
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Have you seen this fella’s paper?https://marginalrevolution.com/marginalrevolution/2019/01/bitcoin-much-less-secure-people-think.html …
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Hashgraph claims that eventually consistent consensus can be maintained with only one (not necessarily constant) bridge across an otherwise bipartite division of honest actors. https://en.wikipedia.org/wiki/Hashgraph
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This is not to diminish the importance of global broadcast, rather to cite a non-globally broadcast, allegedly provable secure consensus system.
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True and a company that could be the mediator (just in case)
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