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One reason I am interested in Bitcoin is that it doesn't rely on violence to enforce it's rules.
by max_ 6y ago
One reason I am interested in Bitcoin is that it doesn't rely on violence to enforce it's rules.
- dandanua 6y agoIt doesn't prevent from physical torturing that can be used to steal your coins. I've already seen a bunch of news about missing or killed people in this field. The creator is also probably dead.
- texse 6y agoIf someone can round up 51% of Bitcoin's miners and hold them at gunpoint, then they have full control over Bitcoin's rules. Well over 51% of bitcoin mining happens in China, so Xi Jinping can probably change Bitcoin's rules tomorrow if he desires.
- max_ 6y ago> if someone can round up 51% of Bitcoin's miners and hold them at gunpoint, then they have full control over Bitcoin's rules. This is not true. Most of the rules are maintained using cryptography and game theory. For someone to break bitcoin, they need to be irrational. i.e spend more than they will benefit from an attack. And even if such an attack happens, it's very trivial to roll back & undo the damages. It's not a democracy, it's a game.
- lucb1e 6y agoI think you missed the last paragraph.
- eecc 6y agoIt still acts as a token for debt, and the underlying force of that is violent retribution for default
- max_ 6y agoNo. contemporary economies have figured out that everyone is better of doing "wealth exchange" instead of coercing people for their wealth.