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You're forgetting that the integrity of the blockchain has value, particularly for miners. The token would crash once such a deception were made known making th
by alistproducer2 9y ago
You're forgetting that the integrity of the blockchain has value, particularly for miners. The token would crash once such a deception were made known making the miner's reward for mining worthless. That's the cost that you are not factoring into your example.
- tootie 9y agoGame theory. While the mining community understands the value, whoever is committing the theft is probably just interested in short-term gain. A few thieves have not broken the fundamental trust in crypto, but there is definitely a tipping point.
- abakker 9y agoYeah - as long as the crypto token has liquidity to settle into other currencies, there is a possibility of agreeing to ruin the chain and exchange the tokens while information asymmetry still exists. Essentially, if you don't care about the "store of value" part, a large enough group could do it.