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In that case you are screwed. The odds of every single validator turning against an individual is slim, however Ethereum is not above the act of rewriting histo
by Laforet 5y ago
In that case you are screwed. The odds of every single validator turning against an individual is slim, however Ethereum is not above the act of rewriting history to undo certain transactions. They already did it once with the DAO hack and the market barely moved an eyelid when the supposedily permissonless and irrevocable world computer moves to protect those who are too big to fail.
- aemreunal 5y agoIt really doesn't seem slim to me. This article [0] (which was previously discussed on HN [1]) found that "just 0.1 percent of miners (about 50 operations) are responsible for half of all mining output". So it seems like a very real threat to me. I rarely hear anyone pro-crypto talk about this implicit assumption they make about the mining being "sufficiently distributed & diverse". [0]: https://www.techspot.com/news/91937-bitcoin-largely-controlled-small-group-investors-miners-study.html https://www.techspot.com/news/91937-bitcoin-largely-controll... [1]: https://news.ycombinator.com/item?id=29008910 https://news.ycombinator.com/item?id=29008910
- emerged 5y agoWhat’s so bad about a bunch of shady companies in China having the capacity to completely take over a massive global financial system?