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what does control mean here? they can print more bitcoins into existence? they can fake a transaction? they can undo a transaction? they can steal from other w
by sunshinerag 5y ago
what does control mean here?
they can print more bitcoins into existence?
they can fake a transaction?
they can undo a transaction?
they can steal from other wallets?
- supermatt 5y agoThey can undo transactions. Its a bit more complicated than that, but thats the gist of what control enables. Basically, the first to mine a block has control over the history since the previously mined block. Because they have superior mining capability, they are more likely to be first to mine a block. They are also able to refuse to accept others blocks, which could effectively fork the blockchain, causing a split head, which results in other other issues. EDIT: just reread, and theres 2 aspects to control. Theres the mining aspect (which i mention above) and then there is the market manipulation aspect (which is to do with pump/dump - unrelated to above).
- ur-whale 5y ago> what does control mean here? In this particular instance, it means "they have more than me".
- EdwardDiego 5y agoYou're aware of a 51% attack yeah?