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Why would someone destroy all the value of their money and all the money power to mine just to troll? Sure a government might do that, but they could point a g
by narrator 9y ago
Why would someone destroy all the value of their money and all the money power to mine just to troll?
Sure a government might do that, but they could point a gun to every full node owners head and tell them to stop it just like China did. It would also be much cheaper.
- ben_w 9y agoStep 1: purchase, borrow, or steal enough hash power to reach 51% for a short while Step 2: use this power to force enough transactions to make yourself rich enough to keep 51% power indefinitely Step 3: profit
- narrator 9y ago51% hash power lets you doublespend coins. It does not let you steal from wallets or change the block reward rules.
- ben_w 9y agoWhich is sufficient to allow you to do what I suggested. Spend coin once on paying for everything, and again on yourself to keep all the money to spend again later.
- kazagistar 9y agoSo you become like a government, able to print more currency at will?