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What matters is the % of miners who don’t collude. Honesty isn’t the issue, collusion is. The entire concept of Bitcoin assumes dishonest players. The only re
by jki275 6y ago
What matters is the % of miners who don’t collude.
Honesty isn’t the issue, collusion is. The entire concept of Bitcoin assumes dishonest players.
The only real attack is for miners to combine hash power to get over 50% of the network hash rate so they can execute double spends - and even that is self defeating as doing so degrades confidence and by extension price.
- sep_field 6y agoOnly once it gets publicized. You have a window to sell and make an enormous profit before people notice and then the entire bit-conomy gets wrecked. I hope this happens as it is a much better outcome to this mess we've created than wrecking the biosphere.
- jki275 6y agoYeah, it's a really really tiny window though. chain reorganizations and 50% attacks are really easy to see on the chain and people do watch for them. They've happened on smaller chains that don't have much hash power attached to them, but even there, they're caught very quickly.