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Nothing, mcintyre1994 is simply wrong about this. You don't need 51% to block transactions, any miner who completes the proof of work can legitimately block a t
by Kranar 5y ago
Nothing, mcintyre1994 is simply wrong about this. You don't need 51% to block transactions, any miner who completes the proof of work can legitimately block a transaction and Bitcoin went long periods of time where various miners blocked transactions and just took the mining reward.
As for deleting, unless you want to enter a philosophical argument on the nature of deleting, and whether anything in the universe can truly be deleted [1], for all practical purposes a 51% attack does allow one to delete transactions off the blockchain but the older the transaction is the more expensive and impractical it would be to do so.
A 51% attack does not allow someone to create new bitcoins or spend coins they don't have the keys to, but they could double spend coins or delete existing transactions.
[1] https://en.wikipedia.org/wiki/No-hiding_theorem https://en.wikipedia.org/wiki/No-hiding_theorem