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Interesting theory. I don't like the idea of 2/3rds of the hashpower to be owned by one player. 50% hash power means not only the ability to double spend, but a
by XR0CSWV3h3kZWg 9y ago
Interesting theory. I don't like the idea of 2/3rds of the hashpower to be owned by one player. 50% hash power means not only the ability to double spend, but also to censor txs. If someone else mines a block they don't like they can just ignore that block and eventually get the longer chain.
- coryfklein 9y ago> 50% hash power means not only the ability to double spend, but also to censor txs. If someone else mines a block they don't like they can just ignore that block and eventually get the longer chain. This is not true if you just have 50%. You'd have to consistently win the next block for double spending to be reliable, and users would just be wary to wait for more confirmations before accepting payment. Besides, if China takes over all bitcoin exchanges and mining in China, that changes the "bad news" to huge positive news and basically a Bitcoin endorsement by a major world power. Once that happens the value of bitcoin would likely increase at a rate such that maintaining even a 50% hold on hash power would be difficult for a single player.