Mike Hearn [ARCHIVE] on Nostr: 📅 Original date posted:2015-06-02 📝 Original message:> > But the majority of ...
📅 Original date posted:2015-06-02
📝 Original message:>
> But the majority of the hashrate can now perform double spends on your
> chain! They can send bitcoins to exchanges, sell it, extract the money and
> build a new longer chain to get their bitcoins back.
>
Obviously if the majority of the mining hash rate is doing double spending
attacks on exchanges then the Bitcoin experiment is resolved as a failure
and it will become abandoned. This has been known since day one: it's in
the white paper. The basic assumption behind Bitcoin is that only a
minority of actors are dishonest - if the majority are then Satoshi's
scheme does not work.
So you are not stating anything new here.
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📝 Original message:>
> But the majority of the hashrate can now perform double spends on your
> chain! They can send bitcoins to exchanges, sell it, extract the money and
> build a new longer chain to get their bitcoins back.
>
Obviously if the majority of the mining hash rate is doing double spending
attacks on exchanges then the Bitcoin experiment is resolved as a failure
and it will become abandoned. This has been known since day one: it's in
the white paper. The basic assumption behind Bitcoin is that only a
minority of actors are dishonest - if the majority are then Satoshi's
scheme does not work.
So you are not stating anything new here.
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