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Saturday, September 5, 2015

Bitcoin and Cryptocurrency Technologies - Quiz 2 Problem 6

A 51% attacker can potentially

Steal coins from an existing address (Wrong, that requires forging a signature)
Make it unprofitable for other miners to mine (Correct - see below)
Change the block reward (Wrong, a 51% attacker cannot change the game rule)
Suppress transactions from the block chain (Correct - that he can do - and probably would)

The BitCoin mining profitability business has always have to do with the hashing power fraction with respect to the global one. It has always been a fair game, even a strong participant come in, so I initially think this is wrong, but the site seems to think the answer is correct, so be it.. Of course, when a strong player come in it will be less profitable, but unprofitable depends really on cost and that 51% miner cannot control that side. 

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