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And if that's the case, what's the difference between the high-hash-capable defender and a central bank? (Not sarcasm, honest question.)
by cwp 13y ago
And if that's the case, what's the difference between the high-hash-capable defender and a central bank? (Not sarcasm, honest question.)
- lukeschlather 13y agoThe central bank can shut its systems off for a day without worrying about all its assets disappearing when they come back online.
- icebraining 13y agoUnlike central banks, a miner with >50% hash-rate can't "print money" as it wishes, that's still regulated by the algorithm. http://bitcoin.stackexchange.com/questions/658/what-can-an-attacker-with-51-of-hash-power-do http://bitcoin.stackexchange.com/questions/658/what-can-an-a...
- krrrh 13y agoThe bond market is a pretty strong check on government-backed currencies. It's a stretch to say that a central bank can just print money as it wishes.
- mpyne 13y agoWait, why can't that miner simply unilaterally switch to a better algorithm? Especially if the switchover isn't drastic, the ledger could be effectively destroyed before the minority notices in time to do a clean fork.
- maxerickson 13y agoFor the fork to mean anything other clients have to also switch algorithms (or they won't even accept any of the fork blocks as valid).
- kordless 13y agoBetter, what's the difference in someone holding a massive amount of compute at their beckoning and using it in a similar way? The answer is, there is no difference. Power is power.