20 sats \ 4 replies \ @kingzing131 23 Apr \ on: Runes are not going to stay because the market will not allow it bitcoin
That's very optimistic.
Personally I don't agree.
It is a huge attack vector and we aren't even facing serious abusers, just a bunch of degens and relatively small VC in the financial sector.
Imagine the amount of sustained load onto the blockchain if it get to nation state attacks. And it doesn't even need to be a sustained load, a coordinated effort could already do a massive damage to a nation fully adopted Bitcoin.
And there are plenty parties and nations in the world that can raise enough money to do something like this.
Even if it doesn't get to that point, every cycle having VC funded scam spamming the network would be very disastrous.
It's weird to me why so many are being passive about it.
And there are plenty parties and nations in the world that can raise enough money to do something like this.
Fair point but unstable in time. In 18 blocks, Rune degens spent almost 20.000.000 USD and say it's an attack vector...we're talking about 1.000.000.000 USD each week1 to sustain these projects. Now, I may be optimistic but if you show me how they can raise 1.000.000.000 USD weekly to keep doing just stupid shit without any incentives2, I'm all ears. Otherwise, it's FUD.
every cycle having VC funded scam spamming the network would be very disastrous
Attack bitcoin is not wise, we're all know. They know also. Now, if you say something like they found a cheaper way to edit blocks...now that's real shit you're talking. Otherwise...again, FUD.
It's weird to me why so many are being passive about it
Well...I'm not passive tbh, I'm enjoying the revenues3. First, you can't do shit to prevent it. Use Ordirespect is a waste of time, Ocean is not profitable at the time I'm writing4.
What? What do you want to do? Two options here: you either cry (I don't recommend) or just give time to show these people how stupid is their movements. In the meantime, miners can make profits and most important: we're having fun with stupid stories about people losing sats just because they want some stupid jpegs.
Footnotes
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Check Jimmy's post ↩
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Remember fren, they're attacking and not earning shit, even shorting bitcoin, they won't win anything. So essentialy, they're burning money for nothing. ↩
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Do some house mining fren, it's fun. ↩
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I've checked. Ocean is the only offering Bitcoin Knots and they have 0.2% of total hashrates. ↩
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US just passed a 95 billions fund, have passed trillions in spending bills etc previously. that's not really a problem when a nation state can always raise debt.
And I see no reason why other nation states cannot do a similar attack if they so choose to.
The combine debt raising ability in the globe is significant.
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Spend billions to attack a network? And then convince your allies to join the attack while spending more and issuing more bonds? Keep in mind that you're attacking, therefore putting shits you can't even profit.
You're not even attacking a country, just a network.
Meawhile, you look to coordinate other nation states, those same countries who can't even put themselves into consensus in certain more simple topics such as property rights or migration law?
Good luck selling that fren :)
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Why would that be unthinkable?
If bitcoin does threaten USD status as reserve currency, then it makes total sense to attack the network, precisely because it has no nation backing it, an attack wouldn't seen as an attack on x nation's security.
It doesn't even have to be the US and its allies, it can be China and theirs if BRICS currency or RMB do become something significant. In fact the latter is extremely likely, since one of the main selling point for bitcoin is free capital movement.
All you need to see is if the interest for them align (yes it does), the potential conflict (low), cost (high but not really in grand scheme of things) and effectiveness (which is pretty damn effective if lightning cannot function well)
An example would be carbon neutral and ESG policies.
Not to mention the multiple attack vectors can occur at the same time, crack down/capturing miners, stronger restrictions, spamming network etc.
Just like funding ukraine is profiting off a proxy war against Russia, attacking bitcoin is protecting their prime export asset, USD.
As any bitcoiner should know, trade off isn't measured in any monetary value as profit/loss, it's power and always have been.
If anything, a network that is unusable for a sustainable amount of time, will be far worse than 51% attack.
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