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Only if the attack is from the outside, which is not a requirement. It's not mutually exclusive. The miners who control the bitcoin network are already centra
by bduerst 7y ago
Only if the attack is from the outside, which is not a requirement. It's not mutually exclusive.
The miners who control the bitcoin network are already centralized on a handful of organizations in China. If they colluded on this attack they would take over >51% of the network because, hey, they already own and operate most of that computing power you're eluding to.
Edit: There is also no evidence that the price would plummet from this, and given the history of theft, scams, forks, etc. involving bitcoin that do not drastically affect the price, I don't think it would either.
- jimmaswell 7y agoWouldn't Bitcoin lose a lot of value if such an attack happened?
- bduerst 7y agoDoubtful. The bitcoin community would react how it usually reacts towards large thefts or scams: blame the victim. I.e. It's their fault for not understanding X, doing Y, or having Z security; in this case the fault being having that much BTC in one wallet and one transaction.
- kabacha 7y agoYup BTC would be dead no doubt.
- sp332 7y agoNo, because future attacks wouldn't get any easier. One successful attack is just one successful attack. If your transaction is not worth a billion dollars, you're safe.
- jimmaswell 7y agoI'm pretty sure a lot of people would lose trust in the whole ecosystem from such a thing happening and/or not want to use it anymore.
- oh_sigh 7y agoThat would just drop the BTC price to zero, making their rigs and own-held BTC worth absolutely nothing.
- deleted 7y ago[deleted]