New blog post, where I describe a potential risk for the Bitcoin network https://medium.com/@francois.chollet/the-bitcoin-network-at-risk-bd54a1473a1d …
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...there is going to be a lot of now-worthless hashpower on the market at extremely low prices, far more in fact than the hashpower that's actually online. Someone with a bit of capital available could buy up a fraction of that hardware and implement a 51% attack on the network.
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It might never happen, since the benefits would be unclear, but the feasibility of the attack is concerning.
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Sounds democratic ;)
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This is precisely why they're selling the hardware for scrap / by the pound. They know damn well that if it gets on the market (and surely some of it will) it could hurt their longer operations. So they're literally scrapping it.
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What about short-selling Bitcoin as an attack motivation?
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In case of a real threat the community can do a software fork that will make all that available hardware useless even for Bitcoin network.
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Consolidation has already been increasing
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Attacking with rented hashpower also seems very cheap. Miners now get about 7 million USD per day in revenue. If half of existing hashpower could be rented it'd cost on the order of 3.5 million USD to roll back one day of transactions. If offline hash is rented, ~7 million USD.
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