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That's not really the threat model - Bitcoin isn't secured by math, but by economics: the cost of outhashing the rest. Bitcoin's natural recentralisation has re
by davidgerard 10y ago
That's not really the threat model - Bitcoin isn't secured by math, but by economics: the cost of outhashing the rest. Bitcoin's natural recentralisation has resulted in a few large mining pools controlling most of the hashing power, with at least one having gone over 50% before already. The maths is still basically fine, but it's the least of the possible issues with Bitcoin.