# Bitcoin Is Broken - Host: [hackingdistributed.com](https://links.thingelstad.xyz/hosts/hackingdistributed.com/) - Saved: November 5, 2013 (2013-11-05T15:29:58Z) - Record: https://links.thingelstad.xyz/links/e84c048b87d9/ - JSON: https://links.thingelstad.xyz/links/e84c048b87d9.json ## From the page (probably an excerpt, not Jamie's words) Specifically, in a paper we placed on arXiv, Ittay Eyal and I outline an attack by which a minority group of miners can obtain revenues in excess of their fair share, and grow in number until they reach a majority. When this point is reached, the Bitcoin value-proposition collapses: the currency comes under the control of a single entity; it is no longer decentralized; the controlling entity can determine who participates in mining and which transactions are committed, and can even roll back transactions at will. This snowball scenario does not require an ill-intentioned Bond-style villain to launch; it can take place as the collaborative result of people trying to earn a bit more money for their mining efforts. ## Facts - Kind: [Page](https://links.thingelstad.xyz/kinds/page/) ## Same host - [Broken by Design: MongoDB Fault Tolerance](https://links.thingelstad.xyz/links/2a798eac791a/) (hackingdistributed.com, January 30, 2013) ## Saved the same week - [InfluxDB](https://links.thingelstad.xyz/links/06fa3beb34eb/) (influxdb-redirect.herokuapp.com, November 5, 2013) - [Texpad](https://links.thingelstad.xyz/links/e39056b47e98/) (texpadapp.com, November 6, 2013) ## Elsewhere - Wayback Machine: https://web.archive.org/web/*/http://hackingdistributed.com/2013/11/04/bitcoin-is-broken/