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Bitcoin could be hijacked by ‘selfish’ groups causing currency collapse

Posted on 06 November 2013

Conditions already exist for abuse by collective computational power to cause breakdown in digital currency, say researchers. The bitcoin digital currency could be hijacked by “selfish miners” causing honest users to lose time, effort and money.
Due to the way the anonymous, decentralised, peer-to-peer digital currency is produced through complex computational processes, a rogue group of “selfish miners” could hijack the currency and overwrite the shared record of transactions. That would wipe out the bitcoins belonging to honest users and possibly cause a collapse in the currency, say two researchers from Cornell University………………………………………..Full Article: Source


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