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robinseyr / Robin Seyr
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2023-04-28 20:00:00

robinseyr on Nostr: #Bitcoin miners could censor and manipulate transactions. Wouldn't it be possible to ...

#Bitcoin  miners could censor and manipulate transactions. Wouldn't it be possible to just buy 51% of the network?
⇒ NO!

Performing a 51% Attack on #BTC  seems easy, but in practice it's not possible.

Here is why:

Tremendous amount of Resources needed
⇒ To successfully perform such an attack, you would need to control more than half of the total hashing power.
⇒ This would require a massive investment in mining hardware, electricity, and infrastructure, making the attack financially unfeasible.
⇒ Where do you even get all this hardware with massive shortages?
⇒ Additionally, during such an attack would the network grow even more. Thus, increasing the cost of such an attack more and more.
⇒ It's an uphill battle...

No gains = no incentive
⇒ Even if someone manages to do that, the difficulty adjustment doesn't work in your favor, and you needed to maintain the power over a longer period of time to really make an impact.
⇒ And all those resources would be for nothing, because all those mined #BTC  would be worthless at that point.
⇒ So you have 0 gains and therefore 0 incentive to do such an attack.
⇒ The financial gain would be much bigger, if the miners simply play by the rules.

A 51% Attack on #Bitcoin  is not only physically impossible, but also would bankrupt the player who performs it.

Proving that #Bitcoin  is actually the only sound digital money on the planet!
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