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Mostly correct, except the price dropping squeezes out some miners who have less efficient hardware or more expensive electricity. It’s possible those miners w
by tlrobinson 9y ago
Mostly correct, except the price dropping squeezes out some miners who have less efficient hardware or more expensive electricity.
It’s possible those miners would find it more profitable to 51% attack, or sell their hardware to someone who wants to.
- obsidience 9y agoIf prices drop, miners may get priced out of mining if they don't have free electricity. Just like what happened when BTC was mined with CPUs and later GPUs and later ASICs people just stopped mining or using that method. Bitcoin is self adjusting, the only thing that doesn't adjust is the supply which is why some people found value in mining BTC when it was basically worthless. I don't see how a dropping price has any bearing on a 51% attack. All IMHO
- tlrobinson 9y ago> I don't see how a dropping price has any bearing on a 51% attack. Sure it does. Lower miner income = lower security.