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It really hadn't hit home to me that yes, BTC is being mined using ASICS by a handful of players, probably operating out of various authoritarian regimes. We've
by Traster 6y ago
It really hadn't hit home to me that yes, BTC is being mined using ASICS by a handful of players, probably operating out of various authoritarian regimes. We've got the US getting all angry because TikTok is a Chinese country, and yet we've oestensibly got libertarians telling us to move out money into a currency controlled by Chinese BTC miners. It'd be fascinating if China could cause a recession in the west by taking down bitcoin overnight.
- geofft 6y agoThat's not even the real danger. The real danger is that by controlling 51% of the network, authoritarian regimes can block transactions by people they don't like or cause people to accept money that turns out not to exist.
- Traster 6y agoI think the point is that any of these style of attacks are quickly discoverable and immediately destroy the value of all bitcoins.
- geofft 6y agoIt depends on the target. If some rich, nontechnical bitcoin hodler announced "I can't spend my money because the government is censoring my transactions," do you think the response would be a community investigation (which would risk all the investigators' bitcoins losing their value) or deriding the complainer as a conspiracy theorist who doesn't get how Bitcoin's design makes censorship impossible?