Bitcoin security would not be irreparably degraded if hash power decreased over the long run. The worst consequence of a gradually lower hash power / market cap ratio: it may require recipients of very-high-value transactions to wait more blocks before relying on them.https://twitter.com/mhluongo/status/1092559882056802304 …
-
I think the main problem with falling hash power would be the leftover hardware. It creates a scenario where someone has the capacity to buy enough hardware that isn't being used and 51% attack the network.
(i) the supply schedule is gradual. Hardware slowly breaks or becomes obsolete, e.g. by being less energy efficient than later ASICs. (ii) except for a hugely money-losing stunt, it would only be of concern for the very highest value txs, which can prevent by waiting longer.
-
-
Also in general I think people hugely underestimate the costs/risks associated with “buy idle/liquidated ASICs to 51-percent attack”. Price of idle ASICs is not zero, and will increase quickly if you corner the market. Sustained electricity access is another problem.
-
Ya... buying wildly inefficient/obsolete miners enough to even consider a 51% attack would be wildly expensive electricity usage.
-
Not expensive if you can print money
-
Printing money... IS expensive.
-
for the feds? not as expensive as losing the dollar to bitcoin
-
Are you saying the FED will intentionally print money to buy ASICs & destroy Bitcoin?
I mean it’s within the realm of possibility but a bit far fetched.
Also devaluing the dollar will simply raise ASICs’ dollar price. -
Just playing devils advocate. But it’s doable
-
It's not... not really. The sum of all the unused obsolete hash power available for sale will never surpass the sum of usable hash power, due to efficiency upgrades are massive.
End of conversation
New conversation -
Loading seems to be taking a while.
Twitter may be over capacity or experiencing a momentary hiccup. Try again or visit Twitter Status for more information.