04 Nov '13, 11pm

Bitcoin Protocol Vulnerability Could Lead To a Collapse

"Cornell researchers unveiled an attack on the Bitcoin mining protocol that enables selfish mining pools to earn more than their fair share. In a technical report the authors explain this attack can be performed by a pool of any size. Rational miners will join this pool to increase their benefits, creating a snowball effect that may end up with a pool commanding a majority of the system's mining power. Such a pool would be able to single-handedly control the blockchain , violating the decentralized nature of the increasingly successful Bitcoin. The authors propose a patch to the protocol that would protect the system from selfish mining pools smaller than 25% of the system. They also show that Bitcoin can never be safe from selfish mining pools larger than 33% of the network, whereas it was previously believed that only groups larger than 50% of the network were a threat t...

Full article: http://slashdot.org/story/13/11/04/2247258/bitcoin-protoc...

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5 November 2013 Last updated at 12:21 GMT Share this page Delicious Digg Facebook reddit StumbleUpon Twitter Email Print B...

Bitcoin 'at risk' of network attack

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bbc.co.uk 05 Nov '13, 12pm

5 November 2013 Last updated at 12:21 GMT Share this page Delicious Digg Facebook reddit StumbleUpon Twitter Email Print B...

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