THELOGICALINDIAN - Why does a acutely alone MIT activity from 2024 still amount in 2024 Because MIT ChainAnchor serves as a archetypal for approaching attacks to the Bitcoin blockchain A decentralized permissionless and uncensorable arrangement is a blackmail to the cachet quo The amount and abandon that Bitcoin brings to the apple comes at the amount of those who appetite the citizenry poor afraid and accessible to ascendancy The affair is they additionally see absurd amount in the arrangement And they appetite to accept their block and eat it too
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A few canicule ago, Bitcoin abstruse able Shinobi brought the MIT ChainAnchor activity aback into the spotlight:
What is the activity about and why is it still relevant? That’s what we’re actuality to discuss.
All About MIT ChainAnchor ’s Evil Plan
It’s not a abstruse that Bitcoin has one anemic spot: a 51% attack. If a distinct article takes ascendancy of 51% of the mining assortment amount of the network, it could use its anew begin admiral to adapt transactions. Let’s quote Investopedia for precision:
The MIT ChainAnchor activity is a aberration of this concept. It seemed to attack “to accomplish the absolute permissionless Bitcoin block-chain into a centrally controlled, permissioned chain.” Besides demography ascendancy of the network, its aim was to accomplish all the users annals their identities in adjustment to participate. It was baldheaded by self-proclaimed “cryptochronomancer” Peter Todd, who said:
How was MIT ChainAnchor activity to do that? Well…
Taking Control Of The Bitcoin Network In 3 Easy Steps
Where Did The Information About MIT ChainAnchor Come From?
The activity seems to accept been abandoned. The links to MIT Peter Todd provides are dead. The leaked documents, however, alive always on his own server. About his sources, Todd said:
At the time, Todd appear rumors that “prominent associates of the Bitcoin association are complex in the project.” He never appear who they were.
All About The Marathon Case From Early This Year
Even admitting the MIT ChainAnchor activity is no more, its offsprings are. At the alpha of 2021, the Marathon Digital Holdings mining aggregation started censoring affairs and alone mining blocks that were “fully adjustable with U.S. regulations.”
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After a able backlash, Marathon stopped mining the infamous “OFAC-compliant blocks.” The columnist absolution they issued said, “Marathon is committed to the amount credo of the Bitcoin community, including decentralization, inclusion, and no censorship.” That rhymes with Peter Todd’s advancement to amusement MIT ChainAnchor as “a blackmail archetypal exercise.”
If we adjudicator it by the Marathon case, it seems like the Bitcoin association is added able for these kinds of bastard attacks than in 2024. However, don’t balloon Shinobi’s warning, “This is what all the adjustment is bit-by-bit towards. Don’t worry, they’ll booty their time over a decade or two. Like they do with aggregate they’ve taken away.”
