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    Author Topic: Using Litecoin To Protect Bitcoin Versus 51% Attacks - By Casascius  (Read 3043 times)
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    July 06, 2014, 05:53:38 PM
     #41


    That's why it requires cooperation in between the Bitcoin and Litecoin development team. Bitcoin should protect Litecoin in the same way. Otherwise, you could add a 3rd coin to the chain making all coins even harder to attack.
     

    It's not necessarily a question of cooperation.

    The problem can be reduced to logical operators: AND vs. OR.

    Do you require longest chain AND a litecoin component?
    or is it longest chain OR a litecoin component.

    The OR solution is clearly bad, as it throws Bitcoin
    security out the window, as we just discussed.

    However, the AND solution might be too constraining.
    If an attacker were to just hit the litecoin network,
    it could prevent consensus, causing split chains or
    blocks to be unsolved.

    This is why Bitcoin should protect Litecoin using the same method, that way an attacker can't just hit the Bitcoin or Litecoin network separately. They would have to hit them both at the same time. Even without this protection, Litecoin is reasonably secure. I mean.. no one has been able to 51% it yet to my knowledge. You are acting like someone could easily kill Litecoin even without this implemented (like right now), which is a bit of an exaggeration as it would take a lot of money, power, and mining equipment.

    As long as pools are reaching close to 50% (recently ghash.io on Bitcoin and coinotron on Litecoin), then both Bitcoin and Litecoin are insecure to 51% attacks. They may not have malicious intent, but if the pool server is hacked the hacker may not be so nice, or someone could gain physical access to the servers (IE. a government or data center employee.) Something needs to be done about this, and I feel like the solution proposed is better than the current non-solution. People like larger pools because they produce more steady payouts, so it's a catch 22 and Bitcoin/Litecoin will constantly face these security scares until the problem is fixed on the protocol level.
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