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This is exactly right. Having been in Bitcoin for 3.5 years, I have personally witnessed quite a few other altcoins being killed because of majority attacks. I
by mrb 13y ago
This is exactly right. Having been in Bitcoin for 3.5 years, I have personally witnessed quite a few other altcoins being killed because of majority attacks. I have been explaining this to people as a reason why Bitcoin has a huge first-mover advantage as it has a very strong hashrate already backing up the network.
- rwallace 13y agoWhich coins have been killed thus far? The reason I ask is because I'm curious: technological artifacts don't usually have the sharp line between life and death that most biological lifeforms do, particularly in the case of software which can potentially lie dormant indefinitely as a static bitstream. However it seems to me crypto currencies should have a sharp line, because as I understand it, the process of block mining serves as a heartbeat; the cessation of the heartbeat should serve as such a line. I'm wondering whether that is actually the case; what really happens when the heartbeat of a crypto currency stops?