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Saturday, September 5, 2015

Bitcoin and Cryptocurrency Technologies - Quiz 2 Problem 7

Which of the following are true?

51% attacks are difficult because an adversary would need to control more than half of the nodes on the Bitcoin network (Wrong, it has to control 51% of the hashing power, not the nodes)
Proof-of-work is essential for preventing sybil attacks on the Bitcoin blockchain (Correct)
As a transaction gets buried deeper in the blockchain, it becomes less and less likely that it will ever be undone because the work required to make a longer alternate branch becomes more and more difficult (Correct)

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