3 ms·
Nothing prevents you from mining yourself and still confirming transactions if you're the last Bitcoin user in the world.
by thriftwy 9y ago
Nothing prevents you from mining yourself and still confirming transactions if you're the last Bitcoin user in the world.
- bhaak 9y agoIt depends on how fast the other miners disappeared so that the difficulty can adjust in a timely manner. If the hash rate drops to fast and you are the last miner left, you will have trouble finding a block and so you actually can't mine new blocks. Of course, as the last miner in the world you won't have trouble conducting a hard fork the resets the difficulty.
- jiggunjer 9y agoCommon sense prevents me. How much value will it still have if there is a single miner? The integrity of the blockchain is ensured by the number of miners. Also the gold analogy is still flawed.
- thriftwy 9y ago> The integrity of the blockchain is ensured by the number of miners. No it is not. Even if you are a single miner you won't be able to pass incorrect transactions, such as moving other people's money or create coins out of nowhere.
- jiggunjer 9y ago51% attack?
- thriftwy 9y agoYou don't seem to understand how 51% attack works. It allows you to roll back correct transactions, but it does not allow you to perform incorrect transactions.
- jiggunjer 9y agoI never claimed otherwise. The ability to manipulate history affects the chain integrity. Perhaps integrity isn't the right word. Consistency?