Ah. Ok, so you haven't understood at all. Read up on Google spanner and the atomic clocks. That's the problem blockchain solves, in a very different way - without requiring a Google, in fact with parties that hate each other. CAP theorem too, please. Do the reading, please.
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Replying to @leashless @holon_earth
You're lying through obfuscation, like you always do. This is very simple. Bitcoin works because BTC has no relation to a real-world asset, and thus cannot be regulated. You want to use blockchain because it lets you ICO a useless token and make easy money.
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Replying to @vakeraj @holon_earth
"cannot be regulated" you mean like how the internet can't be regulated? Bitcoin is a subset of the internet. It's only instantiated in physical things, which are subject to regulation. Think harder.
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Replying to @leashless @holon_earth
Do you believe if the US government wanted the Bitcoin network to adopt undesirable changes to the consensus protocol, they could achieve that? I don't. On the other hand, that would be trivial for Ethereum.
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Replying to @vakeraj @holon_earth
You picked the wrong government. The Chinese government could easily control the vast majority of the bitcoin hashing power any day it wanted - mining cannot be hidden - and from there make protocol changes. It's all way more fragile than people think.
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Replying to @leashless @holon_earth
You know full well that's a lie Vinay. 51% attacks cannot change the protocol.
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Replying to @vakeraj @holon_earth
51% of the miners adopt a new protocol. The 49% are now on the weaker fork, and their transactions are written on water. There's no way around this. Hash power is political power, and the machines are in China.
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Replying to @leashless @holon_earth
That's a lie by omission and you know it. Even if Bitcoin couldn't perform a POW change, invalidating all that hardware, there is a limited efficacy of that attack vector. They cannot steal coins, and they 100% cannot change the protocol as you claim.
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Replying to @vakeraj @holon_earth
Hash power is political power. If 51% of the miners upgrade to a new version of the protocol, *the network upgrades*. That's how it works. Hash power is political power. Didn't you understand this? How did you think this worked?
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51% is relevant only for transaction ordering. Any miner can submit a block with different protocol rules. Any node can accept or reject them. It's a fork. Now there are two chains of blocks with two different histories.
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Seems like @leashless is missing the distinction b/w miners & full nodes? Maybe this question would help (and I also want to know, myself): so 74% of hashpower is in China—what percentage of full nodes is in China? Is this known?
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