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This isn't true. A protocol change would require every Bitcoin user to change their software. 51% regards miner based attacks on the network such as double spends.

Miners still have to obey the rules of the Bitcoin nodes. If a miner tried to generate more coins, even if 100% of miners tried, it would fail as the several thousand active Bitcoin nodes would simply reject the blocks.



it is true. Google softforks for more info.


I guess I wasn't very clear, good point!

Softforks cannot add more coins into the network, they can, at most, restrict earlier valid transactions.

It's always been known that someone with over 51% of the power can rewrite the blockchain, but only within the rules of the Bitcoin nodes.

For example, a softfork could never spend coins from your wallet without your key, it could never make more coins or delete a users balance.

This is a good post on the difference: http://bitcoin.stackexchange.com/questions/30817/what-is-a-s...

51% certainly gives someone a lot of power, but it's power with limits, and the limits are the rules coded into every Bitcoin node.


I never claimed those abilities just that a small group of people had feature control over the currency.




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