04 Nov '13, 6pm

Bitcoin flaw could let group take control of currency

University researchers say they've found an unnoticed defect in Bitcoin that could undermine the whole system, turning the decentralized currency into a centralized one. NEW YORK (CNNMoney) Bitcoin has an inherent flaw that could allow a powerful few to wrest control of the now-decentralized currency. All it would take is a group of cheaters. That's according to a research paper released Monday by Cornell University post-doctoral fellow Ittay Eyal and Professor Emin Gün Sirer. The flaw is due to the nature of how bitcoins are created -- people "mine" them by solving a complex puzzle with their computers. If used correctly,the system is set up so that someone guesses correctly every 10 minutes, and the winner gets 25 bitcoins. Because people compete against one another for the digital currency, bitcoins are mostly evenly distributed. But bitcoin miners could exploit a weakn...

Full article: http://money.cnn.com/2013/11/04/technology/bitcoin-flaw/i...

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The Bitcoin flaw that could bring the currency down #selfishminers

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