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That is not how it works. Even if you could usurp all the mining powers, the Coins are still owned by the keys. You only have the ability to censor future trans
by randomhodler84 5y ago
That is not how it works. Even if you could usurp all the mining powers, the Coins are still owned by the keys. You only have the ability to censor future transactions. Mining controls the future, key holders control the past.
- trinovantes 5y agoYou control future transactions with majority computing power i.e. double spend coins
- anonporridge 5y agoDouble spend your coins only. And even then, you wouldn't because doing this kind of attack would destroy the value of the network and all your investment in mining ASICs would be destroyed. Here's how it goes, https://www.youtube.com/watch?v=CjyJhKpLUBU https://www.youtube.com/watch?v=CjyJhKpLUBU
- trinovantes 5y agoThis discussion is originally about comparing bitcoin to gold. OP is saying bitcoin's security is equivalent to the underlying crypto protocols which is clearly false as there is a finite amount of computers on Earth to render it worthless. Nation states don't bother attacking bitcoin because there's little payoff relative to the cost. However, if we suppose there's a hostile country that held their central bank reserves in bitcoin, wouldn't that make a compelling case for the US government to invest in such infrastructure so that they can cripple them like they did with Russia?
- randomhodler84 5y agoSure, but they could not. Watch that video above. Andreas is right on the money as always. This was designed this way. No government can stop this. It is a force beyond that which can be controlled. Some people find this thought troubling, and look look to suppress it. It is ultimately futile.