6 ms·

Because there's a certain critical mass during the descent where 51% attacks are possible, but coinholders still have value to lose.

ethbro 8y ago
Part of the attraction and frustration of blockchains has been their obedience to the laws of mathematics. The answer to the stage of a blockchain you mention would seem to be, "If the blockchain isn't distributed and scaled enough to be resistant to a 51% attack, is there really any value remaining in it?"
- jerguismi 8y ago
  If 51% attacks begin emerging, the chain still functions. People just need to require more confirmations. Then you require so many confirmations that the 51% attacks aren't profitable any more. This kind of chain might become very slow, but still have the same properties as blockchains do have. Btw the same thing can be thought has having a block time of 1 min, where de facto standard is awaiting 10 confirmations, versus just having 10 minute blocks.
Pristina 8y ago
why does this have to be during the descent? 51% attacks are possible at value point.
- ben_w 8y ago
  I think mathgeek is talking about descent in use not descent in price.
  - andy_ppp 8y ago
    If the market were perfect the coin should become valueless if 51% attacks are happening?
  - tromp 8y ago
    Indeed, [1] shows inherent issues with coins that rely purely on transaction fees for eventual security. [1] On the Instability of Bitcoin Without the Block Reward http://randomwalker.info/publications/mining_CCS.pdf http://randomwalker.info/publications/mining_CCS.pdf
    - tromp 8y ago
      And more recently, [2], which curiously only considers abandoning PoW in order to deal with issues caused by dwindling block rewards. [2] Beyond the doomsday economics of “proof-ofwork” in cryptocurrencies https://www.bis.org/publ/work765.pdf https://www.bis.org/publ/work765.pdf
deleted 8y ago
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sparkie 8y ago
At the point where 51% attacks are happening, it's fair that coinholders lose value. The alternative is that they are able to offload their bags onto some other greater fool who will lose the value instead.

ethbro 8y ago

Part of the attraction and frustration of blockchains has been their obedience to the laws of mathematics. The answer to the stage of a blockchain you mention would seem to be, "If the blockchain isn't distributed and scaled enough to be resistant to a 51% attack, is there really any value remaining in it?"

jerguismi 8y ago
If 51% attacks begin emerging, the chain still functions. People just need to require more confirmations. Then you require so many confirmations that the 51% attacks aren't profitable any more. This kind of chain might become very slow, but still have the same properties as blockchains do have. Btw the same thing can be thought has having a block time of 1 min, where de facto standard is awaiting 10 confirmations, versus just having 10 minute blocks.

Pristina 8y ago

why does this have to be during the descent? 51% attacks are possible at value point.

ben_w 8y ago
I think mathgeek is talking about descent in use not descent in price.
- andy_ppp 8y ago
  If the market were perfect the coin should become valueless if 51% attacks are happening?
- tromp 8y ago
  Indeed, [1] shows inherent issues with coins that rely purely on transaction fees for eventual security. [1] On the Instability of Bitcoin Without the Block Reward http://randomwalker.info/publications/mining_CCS.pdf http://randomwalker.info/publications/mining_CCS.pdf
  - tromp 8y ago
    And more recently, [2], which curiously only considers abandoning PoW in order to deal with issues caused by dwindling block rewards. [2] Beyond the doomsday economics of “proof-ofwork” in cryptocurrencies https://www.bis.org/publ/work765.pdf https://www.bis.org/publ/work765.pdf

deleted 8y ago

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sparkie 8y ago

At the point where 51% attacks are happening, it's fair that coinholders lose value. The alternative is that they are able to offload their bags onto some other greater fool who will lose the value instead.