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>>Bitcoin faces a cautionary note from a finance professor who highlights a lack of serious consideration, but also suggests something more.

Bitcoin faces a cautionary note from a finance professor who highlights a lack of serious consideration, but also suggests something more.

crypthub

2 days ago

Bitcoin Attack Risk Assessment

Recent research indicates that the potential for a "51% attack" on Bitcoin has been underestimated. Duke University professor Campbell Harvey's work suggests an attacker could control the network with approximately $6 billion. Both Bitcoin and gold are considered hedges against currency depreciation, but Bitcoin faces greater risks.

Attack Costs and Strategy

The research outlines that seizing Bitcoin control could occur within a week. It would require around $4.6 billion in hardware, $1.34 billion for data centers, and $130 million weekly for electricity. An attacker could also profit by shorting Bitcoin derivatives, potentially offsetting costs.

Challenges to the Scenario

Some experts consider this attack scenario improbable. Bitcoin USA's Matt Prusak argues accumulating and deploying hardware is a lengthy process. Large-scale short transactions pose difficulties, and exchanges might block suspicious activity.