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Phyrex
Phyrex|Feb 09, 2025 08:47
When I saw a friend asking me this question, I have to say that many people now have too little understanding of Bitcoin. Indeed, BTC itself can be issued, which can be solved by modifying the code. However, it has nothing to do with 51%. The commonly mentioned 51% attack refers to a miner or mining pool controlling more than 50% of the computing power, which can manipulate the BTC network as follows: 1. Double Spending Attack: Malicious miners can roll back transactions they send, causing their BTC to be "reused". BTG was once attacked by 51% in 2018. Since its inception, Bitcoin has never encountered a 51% attack, despite multiple instances where it has mastered over 50% of the computing power. 2. Block transaction confirmation: Attackers can choose not to package specific transactions, making them unable to be confirmed. 3. Restructuring blockchain: Attackers can create longer private chains and make them the main chain, thereby affecting transaction records. But even if they control 51% of the computing power, attackers cannot directly modify BTC's protocol, such as: 1. Unable to issue BTC (the total limit of BTC is determined by code rules, not computing power). 2. Cannot change block rewards (only BTC block rewards are determined by code rules, not computing power). 3. Unable to control BTC in someone else's account (cannot create BTC out of thin air or transfer BTC from someone else's wallet). So a 51% attack can only affect the block generation and transaction confirmation of the BTC network, and cannot change the code rules of BTC. Modifying the code rules of BTC (such as allowing issuance) requires code level changes, and all software running BTC nodes must accept this change. BTC full nodes are responsible for verifying the legality of blocks, even if 51% of the computing power generates blocks containing illegal issuance of BTC, the other 49% of miners and all full nodes will reject this block. So under what circumstances can the maximum limit of BTC be modified? As mentioned earlier, it was not achieved. 1. Bitcoin core developers need to propose modifications and discuss them in the Bitcoin Improvement Proposal (BIP). 2. The vast majority of miners and nodes agree to upgrade, forming new rules. But in reality, this is almost impossible to pass, because once Bitcoin is modified, it is no longer Bitcoin, and all consensus based on BTC will be destroyed, which the vast majority of BTC holders will not be willing to accept. So in reality, even if vested interests agree to destroy 99% of BTC, they will not choose to issue additional shares or modify the core protocol of BTC. This tweet is sponsored by @ ApeXProtocolCN | Dex With Apex
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Feb 18, 09:50【Mining pools increase miners' chances of receiving rewards】
Feb 18, 08:49【Mining is an important aspect of Bitcoin security】

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