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>That sounds amazingly dystopian. I mean, that’s literally a money built on an oligarchy. By design. You can already kind of do that with other crypto currenci
by la_barba 7y ago
>That sounds amazingly dystopian. I mean, that’s literally a money built on an oligarchy. By design.
You can already kind of do that with other crypto currencies. For e.g. > 70% of bitcoin mining happens inside China, and the currency is susceptible to a 51% attack (in theory anyway). This site calculates the cost of executing such an attack.
https://www.crypto51.app/ https://www.crypto51.app/
- cowpig 7y agoI think there's an argument to be made that Bitcoin is oligarchical, but saying that 70+% of mining happens in China doesn't support the statement. Nor is susceptibility to a 51% attack relevant to that point.
- la_barba 7y agoYou're right, the fact that they're in China might be irrelevant. I should have mentioned that a very large percentage of mining happens on a handful of pools.
- umanwizard 7y ago> saying that 70+% of mining happens in China doesn't support the statement I think the implication is that since China does not have meaningful rule of law, that 70% of mining could in practice controlled by one entity: the Chinese state.