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What Can And Can’t Attackers Do? A GENTLE INTRODUCTION TO BITCOIN MINING A dishonest miner can: 1. Refuse to relay valid transactions to other nodes. 2. Attempt to create blocks that include, or exclude, specific transactions of his choosing. 3. Attempt to create a ‘longer chain’ of blocks, which makes previously accepted blocks become ‘orphans’ and not part of the main chain. He can’t: 1. Create bitcoins out of thin air.* 2. Steal bitcoins from your account. 3. Make payments on your behalf or pretend to be you. *Well, he can, but only his version of the ledger will have this transactions. Other nodes will reject this, which is why it is important to confirm a transaction across a number of nodes. With transactions, the effect a malicious attacker can have is very limited. If the rest of the network is honest, they will reject any invalid transactions coming from the attacker, and they will hear about valid transactions from other honest nodes, even if the attacker is refusing to pass them on. With blocks, if the attacker has sufficient block creation power (and this is what it all hinges on), he can delay your transaction by refusing to include it in his blocks. However, your transaction will still be known by other honest nodes as an ‘unconfirmed transaction’, and it will eventually be included in one of their blocks. Worse though, is if the attacker can create a longer chain of blocks than the rest of the network, and can invoke the “longest chain rule” . This lets them unwind a transaction. Here’s how: 1. Create two payments with the same bitcoins: one to an online retailer, the other to yourself (another address you control). 2. Only broadcast the payment to the retailer. 3. When the payment gets added to an honest block, the retailer sends you goods. 4. Secretly create a longer chain of blocks which swaps out the payment to the retailer, and swaps in the payment to yourself. 5. Publish the longer chain. If the other nodes are playing by the “longest chain rule” rule, they will ignore the honest block with the retailer payment, and continue to build on your longer chain. The honest block is said to be ‘orphaned’ and does not exist to all intents and purposes. 6. The original payment to the retailer will be deemed invalid by the honest nodes because those bitcoins have already been spent (in your longer chain). This is called a “double spend,” as the same bitcoins were spent twice – but the second one was the one that became part of the eventual blockchain.PDF Image | Introduction To Bitcoin Mining
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