josh on Nostr: I’d love to hear y’all’s thoughts on this. One of the challenges to Bitcoin is ...
I’d love to hear y’all’s thoughts on this.
One of the challenges to Bitcoin is the argument that with many miners filing for bankruptcy, there will eventually be enough consolidation of compute power where a 51% attack could occur.
Even if a miner did control 51% of the hash rate, is the idea that they’d be a fool to put on the attack because it would devalue any BTC holdings they have? Even if they didn’t have any holdings, it would be too cost prohibitive to create enough compute power with the sole purpose of crashing the network?
One of the challenges to Bitcoin is the argument that with many miners filing for bankruptcy, there will eventually be enough consolidation of compute power where a 51% attack could occur.
Even if a miner did control 51% of the hash rate, is the idea that they’d be a fool to put on the attack because it would devalue any BTC holdings they have? Even if they didn’t have any holdings, it would be too cost prohibitive to create enough compute power with the sole purpose of crashing the network?