Nick's Bitcoin Rebuttal & Intrusion Detection
[Pages:55]Computer Science 161 Spring 2019
Nick's Bitcoin Rebuttal &
Intrusion Detection
Stolen from: Daniel Schatz
@virturity
Popa and Weaver
1
Nick's Bitcoin Rebuttals...
Computer Science 161 Spring 2019
? Proof of work is not about consensus
? Consensus is actually a separate problem, it is just intermingled in the
cryptocurrency space
Popa and Weaver
? Proof of work is not efficient security
? The systems fail to articulate trust
? And as a result, they are not "trustless" but rather have trust running through
their veins
? Speculation is not investment
? There is no there to actually invest in
2
Proof of Work And
Sybil Prevention
Computer Science 161 Spring 2019
? Sybil attack:
Popa and Weaver
? Attacker just spins up a whole bunch of copies, all pretending to be different
? Wrecks havoc in any system where you have to "vote" about the truth
? And that is what the Bitcoin blockchain is, a "vote" about which transactions
are valid
? How to stop Sybil attacks?
? Explicit trust: An entity registers new entrants
? Make sybils costly: Someone who needs to create a bunch of sybils has to
spend a lot of money.
3
Sybil Prevention And
Cryptocurrencies
Computer Science 161 Spring 2019
? Option 1: Proof of work
Popa and Weaver
? An attacker needs to be wasting as much energy as the normal network
? Option 2: Proof of stake
? An attacker needs to possess the cryptocurrency to vote
? Has completely different set of problems by recapitulating feudalism
? Option 3: "Coordinator"
? Just lie and claim you are decentralized when you aren't (e.g. Ripple)
? Option 4: Proof of SGX/iPhone
? Use secure hardware already in place
4
Proof of Work Is Inefficient or
Insecure (or both)
Computer Science 161 Spring 2019
? Idea: Attacker must spend at least $X/hr to attack the system
? Where $X/hr that the system is spending on its own to defend the system
Popa and Weaver
? Of course, this is also a ceiling on protection: It can only protect against attacks where the attacker can't make $Y/hr for the duration of the attack!
? And attackers don't need to attack continuously
? If an attack takes 1 hour, this has the defenders outspending the attackers by a factor of
8000 on an annual basis!
? Any PoW cryptocurrency burning ................
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