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State actors would find it very feasible with Bitcoin, too, if they decided it was in their mutual interest. ASIC production for Bitcoin mining exists only wit
by reitzensteinm 8y ago
State actors would find it very feasible with Bitcoin, too, if they decided it was in their mutual interest.
ASIC production for Bitcoin mining exists only with the implicit consent of the governments of the handful of countries that contain fabs capable of leading edge nodes.
It would not be difficult for these governments to secure a monopoly on ASIC production, and at trivial cost launch a permanent attack on the network.
- tuxxy 8y agoKeeping that a secret would be nigh impossible. It's still extremely unlikely this would actually work in the government's favor.
- reitzensteinm 8y agoWhy would they need to keep it a secret? Doing it in the open would probably be more effective. Are you saying they couldn't at a bare minimum force Bitcoin to switch hashing functions?
- tuxxy 8y agoNo, the government could not force Bitcoin to adopt a new hashing function. It would be nearly impossible for any government to enforce a hardfork like that. Why do you think doing this in the open would be more beneficial?
- reitzensteinm 8y agoSo if governments were to seize a monopoly on ASIC production for Bitcoin, the community would cede control of the hashing power to them rather than swapping to something else?
- arcticbull 8y agoIt’s much easier than that, all the bitcoin hashpower is in the PRC, all it would take to initiate a 51% attack is for Beijing to send a strongly worded memo to the miners.