Really good analysis on the Bitmain situation. One thing I don’t hear people talk about is the impact of the flood of cheap S9s on the security of Bitcoin itself. It’s still very costly & risky for 51% attacks ($600 mil for 2 mil S9s), but the threat is there & heightened.https://twitter.com/TuurDemeester/status/1028947413434884096 …
Granted an attacker attempting a 51% attack on Bitcoin would still need to overcome all the challenges I outlined here:https://medium.com/p/a-review-of-budishs-51-attack-theories-what-is-the-fair-price-of-an-old-asic-59a7dcf9ff94 …
