05 Nov '13, 12pm

Bitcoin could be hijacked by ‘selfish’ groups causing currency collapse

Bitcoin could be hijacked by ‘selfish’ groups causing currency collapse

The bitcoin digital currency could be hijacked by “selfish miners” causing honest users to lose time, effort and money. Due to the way the anonymous, decentralised, peer-to-peer digital currency is produced through complex computational processes, a rogue group of “selfish miners” could hijack the currency and overwrite the shared record of transactions. That would wipe out the bitcoins belonging to honest users and possibly cause a collapse in the currency, say two researchers from Cornell University. The conditions for that to happen already exist. Ittay Eyal and Emin Gun Sirer, of the computing science department at Cornell University, New York, have worked out that the selfish mining group would need more than a 33% share of the computational power currently being used for generating bitcoins. Certain groups regularly break 25% of the global collective bitcoin mining p...

Full article: http://www.theguardian.com/technology/2013/nov/05/bitcoin...

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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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