31 Aug '13, 2pm

New theoretical attack on Bitcoin. #bitcoin

This hypothetical scenario is inspired by http://www.reddit.com/r/Bitcoin/comments/1lfobc/i_am_a_timetraveler_from_the_future_here_to_beg/ Actually here is a new kind of theoretical attack on Bitcoin. Let's call it "time traveler's instant blockchain attack". Someone travels to present from the future. He knows the block chain as in, say, 2025. He does not need proof of work to generate blocks. He instantly generates 10+ years worth of blocks ~80k blocks (allowing for speed up bias) with slightly less than 10 million BTC bounty. (but most of those goes to non exiting private keys and are effectively destroyed. Correct?) Immediate Effects on Bitcoin network. The difficulty jumps ~ 9500% instantly The current Bitcoin Network is capable only generating about 2 blocks per day. Not big deal. The bitcoin block subsidy collapses to near 0. Lots of money moves around in chaotic fa...

Full article: http://www.reddit.com/r/Bitcoin/comments/1lgnam/new_theor...

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