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In the bitcoin system, miners make literally billions of dollars a year protecting the network. Any successful attack on the bitcoin network is going to massive

by Taek 8y ago

In the bitcoin system, miners make literally billions of dollars a year protecting the network. Any successful attack on the bitcoin network is going to massively erode confidence, reduce the price, reduce the usage, and therefore reduce the value of all that single-purpose, bitcoin-only hardware. Large miners don't want to see Bitcoin get attacked because it destroys their income and de-values their incredibly expensive hardware. This is also why miners won't just let you borrow their hashrate for a while - it's a big issue if you use that hashrate to undermine their cash cow.

onecooldev24 8y ago
Top miners can short twice as many BTC futures to create one last profitable destruction.
- mrep 8y ago
  All the while raking in boatloads from the double spending.
- Taek 8y ago
  If a large miner comes to you asks for a multi billion dollar short position, you should be suspicious.
  - facetube 8y ago
    Yep. totally safe, someone on the internet said we should.
  - Cthulhu_ 8y ago
    That's when you just split your short through a few thousand shell accounts.
chemmail 8y ago
Logical and sound arguments. However you underestimate human greed, human stupidity. Not everyone is operating on a Nash Equilibrium.
- Erlich_Bachman 8y ago
  This will all be valid concerns the day we see a real 51% attack on real Bitcoin. So far Nash seems to be working.