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A system where it is not 0.1% of the people who are allowed to screw over 99.9% of the others? You argue for purity of a principle. Very few people actually ca
by Iv 9y ago
A system where it is not 0.1% of the people who are allowed to screw over 99.9% of the others?
You argue for purity of a principle. Very few people actually care about such a notion. The majority has more practical concerns. The fact that a theft that would have made the whole currency seem insecure has been reversed was seen as a proof of solidity by many users.
- kevingadd 9y agoWhat implicitly stops 0.1% of people from controlling 51% of the network? You realize how much of global fiat wealth is currently in the hands of the 0.1%, right? The current system at least theoretically has democratic (or otherwise) control over who the 0.1% in power are. In a system like BTC or ETH it's just 'who has the most compute?' or in proof of stake, 'who's the richest?'
- wan23 9y agoIf any group controlled >50% of the network and also was willing to use that power in a way that would diminish trust in that same network then they'd very quickly end up with 100% of something worthless.
- kevingadd 9y agoThis seems to imply that everyone else's stake in the network would become worthless too, though. What stops a particularly motivated billionaire from buying 51% compute for a month or so to destroy a cryptocurrency for good? They waste that money but any competitor of theirs (in business, etc) who had wealth tied up in that currency can kiss it goodbye. If a business was built around that currency it's dead now. The 'diminish trust in the network' threat really only discourages an existing good actor (invested in the network) from turning into a bad actor. If I've been mining a cryptocurrency for years and I decide I want to move on to mining something else, what stops me from using 51% to destroy the currency before I move on to mining something else? If I moved my currency holdings out (or have been liquidating them regularly, as any sensible miner might), what's to lose?
- prostoalex 9y agoThey still own a bunch of hardware, though, which can be repurposed for other networks. If you're a big miner, and something on whattomine.com seems attractive, you'd join the network, mine it, unload via exchanges and leave for greener pastures once the ROI is not that attractive.
- jjrh 9y agoThat implies there is a viable alternative people can go to. I'd be more concerned that a group with >50% would go after alternatives/competitors.