Can the Government Hack, Attack and Stop ₿itcoin if they wanted to? 🤔

1 year ago
58

In this video, I discuss why a nation-state 51% attack on ₿itcoin would fail.

In order to launch a 51% attack, an attacker needs to buy, build, or steal a huge number of ₿itcoin mining rigs (ASICs). There is no way to do this (in the age of social media and phone cameras) without ₿itcoiners finding out and having advance notice that an attack is coming. One small change to ₿itcoin Core could immediately brick these machines, and full nodes would be fully incentivized to run this software update.

If the government chooses to try to buy a lot of ASICs, the large companies that manufacture them and their sales middlemen will begin to notice, and will spread the word.

ASIC manufacturers are incentivized not to let a government try to destroy ₿itcoin, since their whole business model depends on making ASICs which can only be used for one thing-- which is mining ₿itcoin.

Further, a 51% attack CANNOT:

1) Create fake ₿itcoin or increase the max supply of 21 million
2) Steal your ₿itcoin
3) Change the consensus rules
4) Force any node to accept a block or transaction that violates the consensus rules

All that a 51% attack could do is to censor some transactions, attempt a double-spend, or even produce a series of empty blocks (effectively a denial of service attack, since no one would be able to transact on the network until the attack subsided).

As soon as the attack stops, everything goes back to normal with ₿itcoin. That would be a great ad for ₿itcoin:

"Nation-state attacker spends 10s of billions of USD and still fails to stop ₿itcoin."

It's impossible to attack ₿itcoin using standard cloud computing equipment:
https://bitcoinminingcouncil.com/wp-content/uploads/2022/10/2022.10.13-BMC-Presentation-Q3-22-Presentation.pdf

SHA-256 hash algo:
https://emn178.github.io/online-tools/sha256.html

Whinstone Bitcoin mining:
https://www.riotplatforms.com/bitcoin-mining/whinstone-u-s

Healthcare.gov plagued by crashes on 1st day:
https://www.cbsnews.com/news/healthcaregov-plagued-by-crashes-on-1st-day/

Legacy Weapons Are Eroding the Military’s Edge:
https://www.bloomberg.com/opinion/articles/2021-06-07/legacy-weapons-are-eroding-the-u-s-military-s-edge

Bitcoin SV rocked by three 51% attacks in as many months:
https://cointelegraph.com/news/bitcoin-sv-rocked-by-three-51-attacks-in-as-many-months

BSV Suffers 51% Attack:
https://www.coindesk.com/markets/2021/08/04/bsv-suffers-51-attack-report/

Original Video by Trader University: https://www.youtube.com/watch?v=FYhNNSLWX4g

Can ₿itcoin be Attacked or Hacked? 👩‍💻🤔🐱‍💻
https://www.bitchute.com/video/0Zf24dPLWrQo/

🦁 www.MAGAlionHAT.com 🦁
-------------------------------------------------------------------------------------------------------
Enjoy the content I provide? Please help support this renegade channel with PayPal! 💰
PayPal: MAGAlionHAT@Gmail.com

Or, if you like you can Buy Me A Coffee: https://www.buymeacoffee.com/MAGAlionHAT

Crypto wallet addresses below. If you have a type of Crypto you wish to donate that I don't have a wallet for, email me and I will create one! 🤑

It keeps me afloat while I'm working to produce informative and entertaining videos while finding and providing gems from other creators for you to enjoy! 🤗
Any donation would be GREATLY appreciated! Thank you and God Bless! 🙏

₿itcoin (BTC):
bc1q63xshh2c2u4tvc6jksl5crlhtp554qu0l4nn8j

₿itcoin Cash (BCH):
qqms8t79e6rk5z5djad360d38y9kkqnh7yfpxkkuy5

₿itcoin SV (BSV):
1F6oH8qkMjswViJSwq965gRivE3DqKuJKC

Litecoin (LTC):
LgxrUdjUxnmFGLtsAbh76C3aAm3dXAGDFV

Dogecoin (DOGE):
DGn5bkC9WM1E2oM79HWiYoVxE3rHuEGkoS

Ethereum Classic (ETC):
0xC03AEe5333D50a20810e1A7585D9BB3f77E0B773

Ethereum (ETH):
0x27d5493Ac22D56B68cF36F5f77594BDC8e6FAc5E

Shiba Inu (SHIB):
0x27d5493Ac22D56B68cF36F5f77594BDC8e6FAc5E

Chainlink (LINK):
0x27d5493Ac22D56B68cF36F5f77594BDC8e6FAc5E

Polygon (MATIC):
0x27d5493Ac22D56B68cF36F5f77594BDC8e6FAc5E

Ripple (XRP):
rwvGofsMZQMyqro9YPe7swpo6C6Kagpg2e

VeChain (VET):
0x6410f2e05fEF8169bd1A6935884B9D4D56D9017b

Loading comments...