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The capability of performing a 51% attack and sustaining a 51% attack are very different. Performing a 51% attack by mining a single gets you nowhere (at most y
by spinny 6y ago
The capability of performing a 51% attack and sustaining a 51% attack are very different. Performing a 51% attack by mining a single gets you nowhere (at most you can revert some transactions, that block will eventually be orphaned).
Today i believe, most usage of Bitcoin is for legitimate purposes. There is always lots of illegal use cases for anything with value, if it has value, people will do illegal s** to get it and will use as payment. Human nature.
The energy used since the inception of the network is what makes the network valuable.
Think of it this way: to create a cryptocurrency you need some "value" attached to it, Bitcoin does this by converting energy->work->bitcoin, you add "value" to the network in the form of energy and get bitcoin back (you get your "value" back in the form of money when you sell the mined BTC). Ethereum took a different approach (token sale + PoW) and now are moving to PoS.
Pure PoW seems the only way to launch a completely anonymous and decentralized crypto
- TomSwirly 6y ago> Today i believe, most usage of Bitcoin is for legitimate purposes. Like what? Aside from "speculating that it will increase in value", what are these legitimate purposes?
- companyhen 6y agohttps://blockfi.com https://blockfi.com - use your crypto for collateral and take a loan or earn interest on it.
- spinny 6y agoHedging for massive inflation of government controlled currency is a legitimate purpose. Are people that buy gold or silver doing it for illegitimate reasons ?
- deleted 6y ago[deleted]
- pclmulqdq 6y agoExcept bitcoin isn't anonymous or decentralized at all... Transaction wallet ids are public and Chinese miners control the currency.