6 ms·
Virtually all of these currencies are very vulnerable to what's called a "Sybil attack." Bitcoin is no different [1]. Of course, to economists the concept of a
by tepe1 9y ago
Virtually all of these currencies are very vulnerable to what's called a "Sybil attack." Bitcoin is no different [1].
Of course, to economists the concept of a "Sybil attack" is nonsense. Imagine if tomorrow the US Congress voted to give every citizen a billion dollars. Would this be a Sybil attack on the US dollar? Or would it be democracy at work? There's no difference. At the end of the day the majority (of the authority) sets the rules and does literally decide what happens.
[1] https://en.bitcoin.it/wiki/Weaknesses#Sybil_attack https://en.bitcoin.it/wiki/Weaknesses#Sybil_attack
- gizmo686 9y agoIt is easy to create a crypto currency that is not vulnerable to sybil attacks; define a central authority. The source of the sybil weekness is not being a crypto-currency, but rather being a peer to peer system.
- tlrobinson 9y agoA central authority isn't really required (depending on your definition of "central authority"), just a connection to at least one semi-trusted node. For example, Blockstream Satellite.