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>destroy Bitcoin by maintaining a 51% attack The 51% is a better chance attack, you can still try to perform it with 10% and succeed and you can try with 60% a

by akerro 9y ago

>destroy Bitcoin by maintaining a 51% attack The 51% is a better chance attack, you can still try to perform it with 10% and succeed and you can try with 60% and fail. >Bitcoin could easily be worth nothing in 10 years, it's a poor Store of value. Gold is more and more used in electronics, less and less in jewellery, if we move to graphene-based computers gold will not have much place there and its value in USD will probably drop. One nuke on Hawaii or California will cause huge drop in value of USD compared to other currencies.

Retric 9y ago
No, a 51% attack works 100% of the time. You may or may not win a single hash, but by 100+ hashes your chain is longer invalidating their chain. Further, if it looks like your winning people will defect to you're side. > gold Gold is actually used for a lot of things (ex: gold leaf on books), historically it's price has gone up and down quite a bit, but within a fairly narrow band. ~0.1x to 1x while being easy to hide or smuggle. > probably drop Even then it's still worth more than 0. PS: In reality you would likely cause a fork, but that would also drop the price causing miners to migrate to some other coin making further manipulation easier.
- RyanZAG 9y ago
  > PS: In reality you would likely cause a fork, Yes, probably, but remember - you have way more hashing power still. So you just swap to their new fork and beat them out there too, and you keep doing it until they give up and are forced to accept your fork as the truth. I'd guess one option would be to build a ban for China into the new fork directly, but that would be easy to bypass with VPNs. Ultimately, if you have the hashing power, you own it. Bitcoin can't keep invalidating winning forks forever as it's a war they lose on each step of the way.
brokensegue 9y ago
gold's value is untethered from its use value because people believe it's a hedge

by akerro 9y ago

Retric 9y ago

No, a 51% attack works 100% of the time. You may or may not win a single hash, but by 100+ hashes your chain is longer invalidating their chain. Further, if it looks like your winning people will defect to you're side. > gold Gold is actually used for a lot of things (ex: gold leaf on books), historically it's price has gone up and down quite a bit, but within a fairly narrow band. ~0.1x to 1x while being easy to hide or smuggle. > probably drop Even then it's still worth more than 0. PS: In reality you would likely cause a fork, but that would also drop the price causing miners to migrate to some other coin making further manipulation easier.

RyanZAG 9y ago
> PS: In reality you would likely cause a fork, Yes, probably, but remember - you have way more hashing power still. So you just swap to their new fork and beat them out there too, and you keep doing it until they give up and are forced to accept your fork as the truth. I'd guess one option would be to build a ban for China into the new fork directly, but that would be easy to bypass with VPNs. Ultimately, if you have the hashing power, you own it. Bitcoin can't keep invalidating winning forks forever as it's a war they lose on each step of the way.

brokensegue 9y ago

gold's value is untethered from its use value because people believe it's a hedge