Depth | Block rewards are about to be halved, is BTC still safe? (in)
Author: Hasu, James Prestwich, Brandon Curtis
Translation: Harry Zhang
Source: Encrypted Valley
- 2019 cryptocurrency trend observation: the market is cold, but still has opportunities
- Regarding the blockchain technology that the country pushes, we have given you five key points.
- Industrial innovation is an important breakthrough direction of blockchain

Mining attack
- We should be certain that the damage caused by the censorship system is equal to the cost of the user being censored from the system. The more competing products that BTC has, the lower the exit cost, and the lower the motivation to review BTC users first. Similar logic applies to on-ramps and off-ramps, such as decentralized transactions. There is an interesting paradox here: the powerful KYC/AML layer on BTC reduces the appeal of theft (the hacker attacks Bitfinex's tokens are blacklisted), but it also makes the system more vulnerable to censorship attacks. On the other hand, a system without any identity authentication will have more motives for theft, but it reduces the incentive to review attacks.
- When the transaction begins to be reviewed, the attacker will reduce the transaction and the user being reviewed may increase the transaction fee for the unconfirmed transaction. This can result in a yield difference between MR (honest mining) and MR (attack mining). The user being reviewed can be effectively free-rolling at this time (any operation only increases the positive return, does not affect the existing revenue pattern), and can continuously increase the transaction fee until they consume all the balance. This difference in returns can attract other big computing miners to challenge the existing monopoly of computing power.
- Finally, the user can coordinate and punish the monopolistic miners by suspending the Nakamoto consensus and modifying the rules. For example, you can change the workload proof algorithm from SHA256 to other algorithms. Of course, monopolistic miners can also continually rewrite the original chain instead of expanding the original chain with invalid blocks. But the effect is the same.

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