pull down to refresh
10 sats \ 2 replies \ @ln123 22 Dec 2022 \ on: How To Kill Bitcoin bitcoin
Whilst a relatively old article (~2021) this does paint an actual strategy that could practically kill bitcoin, for an extended period.
Essentially by state actors colluding and commandeering hashing power to suppress transactions.
Whilst expensive, it wouldn't be as expensive as you might think.
Ultimately the aggressor would be spending, on an ongoing basis, real-world resources to maintain that hashing power. The question is whether the risk-reward payoff (when considered in relation to, say, the US defence budget) is sustainable.
On reflection, my counterpoint would be - such an aggressor would also be aware that by suppressing / killing bitcoin, they are simply playing 'whack a mole' with whatever POW or POS network comes next. So they won't need to just suppress BTC, it would also be every other shitcoin that raises it's head, in perpetuity.
States just need to spend resources enough to orphan blocks created by other miners until the other miners give up. Then the resourceful attacker can pause mining new blocks too, until the next attempt.
This actually has me concerned. If countries nationalize mining in one big swoop it could kill PoW. Unless full legalization succeeds in enough countries so they don't try to fight it. Joe makes a solid argument.
Time to damp it frens.
(I'll stack some more just in case).
reply
Yes - achieving legalisation (and associated defence funds) by nation states is key
Volcanoes to the rescue!
reply