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NZ Stock Exchange Cyber-attack (General)

by dan @, Friday, August 28, 2020, 19:36 (24 days ago) @ dan

Hmmm, I guess I should have read the article first. I see now this was a DDoS attack, a denial of service attack. So they weren't actually trying to steal anything, just shut it down. That can be attempted on the Bitcoin blockchain, but it would cost a lot of money and it wouldn't achieve anything.

It's basically noise thrown at servers to overwhelm them. But this, again, is why blockchain technology is so important. DDoS works because data is centralized, so attackers can attack a certain URL or collection of URLs.

Blockchain is based on distributed data. There is no central server to attack. That's the beauty of it. But, attackers can still try to overload the system with transactions, but they have to pay for that.

The only other weakness in a blockhchain is the 51 percent problem, meaning if a certain entity acquires 51 percent of the mining (i.e., processing) power on the chain, they can fuck with it. This is all very new technology. The internet is moving from centralization to decentralization, as is data, and money in the form of cryptocurrency.


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