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by once_inc
2360 days ago
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> (...) the security of the BTC chain will plummet. Nitpick here, but what will happen is that the cost of mining blocks will outweigh the revenue of selling its fees. This means that miners will at some point decide to stop mining bitcoin. If this happens abruptly, that would cripple the network for a while, since the difficulty adjustment function would not be able to adjust the difficulty in time. If the move is not sudden, but a progression over months/years/decades, that wouldn't cripple bitcoin. If miners stop mining bitcoin, that doesn't immediately make bitcoin less secure. The hardware might be used to mine other chains, or could just be binned. If a single entity wanted to perform a 51% attack, she/he would need to buy up a lot of discarded hardware without notice. A reduction of global hash power isn't a security issue per se; it is a multi-variable problem. |
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