# kaal:claim:3411110-013

**Claim.** The double spending problem has not been eradicated in theory: a group or syndicate obtaining 51 percent control of a network could reverse transactions and create a private chain that the market could only limitedly discern as not real.

**Type.** failure  **Support.** argued

**Holds when.**

- a decentralized network where one party can amass majority hashing control

**Source quote.**

> There is the possibility a group or syndicate could gain 51% control over the network and would therefore be able to reverse transactions and create a private blockchain, which the market could only limitedly discern as not real.

**From.** Wulf A. Kaal, Samuel Evans, *Blockchain-Based Securities Offerings* (2019), III.2 Proof of Ownership, page 15

**Cite as.** Wulf A. Kaal, Samuel Evans, Blockchain-Based Securities Offerings (2019). SSRN: https://ssrn.com/abstract=3411110

**Verify.** sha256 of source PDF `c7626eeb7642045b79f8745df1f7232a8fe8bc44a1f7e87b592850e35b392b50` at https://raw.githubusercontent.com/wulfkaal/Academic-Papers/main/papers/pdf/Kaal%20and%20Evans%20-%202019%20-%20Blockchain-Based%20Securities%20Offerings.pdf

**Failure mode.** 51 percent control attack  (family: consensus-and-protocol-attack)

**Topics.** consensus-and-security, risk-and-incentives

**Keywords.** double-spending, fifty-one-percent-attack, consensus, proof-of-ownership, technology-risk

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