BitcoinStu on Nostr: To be clear, I suspect Bitcoin would survive such an attack, but it would likely take ...
To be clear, I suspect Bitcoin would survive such an attack, but it would likely take many years to recover. Imagine what happens if we go DAYS without finding a new block. Price would tank 90%, probably more. It would make the covid crash look like a shallow dip. Be prepared for Bitcoin's price on exchanges to be $1000, perhaps less. Perhaps zero.
Of course people will say "i'd buy all the bitcoin at that price" except that because the network is deadlocked you cannot withdraw that bitcoin and it's just stuck on the exchange.
The fees would be absolutely outrageous for the blocks that did get discovered so you would have no chance of getting into one.
Remember that difficulty adjusts every 2016 blocks. If you're getting 1 block every 12 hours it's going to take over 3 years until difficulty can correct itself. During that time all hell would break loose in the community.
It would not be pretty.
Of course people will say "i'd buy all the bitcoin at that price" except that because the network is deadlocked you cannot withdraw that bitcoin and it's just stuck on the exchange.
The fees would be absolutely outrageous for the blocks that did get discovered so you would have no chance of getting into one.
Remember that difficulty adjusts every 2016 blocks. If you're getting 1 block every 12 hours it's going to take over 3 years until difficulty can correct itself. During that time all hell would break loose in the community.
It would not be pretty.