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If NASDAQ started operating in bitcoins blockchain, the influx capital into it would be so insanely astronomical that the scale of the operation would be imposs
by zanny 11y ago
If NASDAQ started operating in bitcoins blockchain, the influx capital into it would be so insanely astronomical that the scale of the operation would be impossible to 50%.
When people talk about 50% control of bitcoins blockchain today, they are talking about mining pools, where the ones promising the best dividends get all the registrations and thus get a huge chunk of the mining community. Which just means they always sit at 40 - 49% share in the market, and never 50%, because miners know better.
I would have to doubt the feasibility of even an entity as insanely huge as NASDAQ being able to justify enough computational power to get basically one falsified transaction in bitcoin, before the fact NASDAQ was 51%ing bitcoin caused that huge investment in bitcoin mining I mentioned earlier.
So 51%ing bitcoin is a chicken and egg problem. Any source of capital large enough to monolithically 51% the network is also large enough to bring so much attention to bitcoin that new miners would drive the network size up immediately afterwards. You would probably never be able to maintain continuous 51% control over that kind of runaway interest.
- lumberjack 11y agoIf you wanted to attack bitcoin, wouldn't it make more sense to attack or conspire with the owners of the largest mining pools instead of trying to amass all that computational power?
- jacobr1 11y agoNot really - because the pools are collections of individual miners that each can switch which pool they participate in on a whim. There aren't some much "owners" as facilitators. In practice we've already seen this, when several pools have gotten close to the 50% mark, individual minors have switched pools, or even split their participation across multiple pools.