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As the other comments have pointed out, that's not really how bitcoin works. > Since BTC is a consensus algorithm BTC is not a consensus algorithm where every
by brian_cloutier 13y ago
As the other comments have pointed out, that's not really how bitcoin works.
> Since BTC is a consensus algorithm
BTC is not a consensus algorithm where everybody votes on which reality to accept and majority rules. BTC is a consensus algorithm where everybody proves which reality is most suitable by providing valid blocks that include proofs-of-work. If you'll allow me to gloss over a ton of details: In order for a block to be considered valid the transactions in it must include signatures from the owners of the funds they spend.
So, to take bitcoins away from the FBI you would need to compile a new version of the bitcoin client that specifically blacklisted the transactions which gave the FBI money and caused them to become unspendable, you would then need most of the network to switch to that new version.
> 51% of BTC users
Minor nitpick: BTC users have no power. Miners are the ones who create the blockchain and verify its integrity, they're the ones you would have to get onboard.
However, miners tend to be rational and have a vested interest in bitcoin. They understand that currency is above all based on trust. If you cannot trust a currency to be accepted, then it doesn't matter what fancy gold or mathematics underlies that currency, it is worthless to you.
Taking bitcoin away from anybody on the basis of some political squabble would be one of the worst things miners could do to undermine the trust users place in bitcoin.
>how feasible would that be?
In short, it is hardly imaginable. It is vastly more likely that a vulnerability is found in bitcoin and they become worthless overnight.