[alwillis]

I think Nano is more secure than Bitcoin considering that the majority hashrate of BTC is controlled by mining pools in China. If the Chinese government decides to coerce the owners of those mining pools to perform a block reorg tomorrow, it will happen.

Please stop spreading FUD.

The only thing a 51% attack would allow is for them to double spend their own bitcoin. They can't reverse already valid blocks, for example.

"Why Chinese Miners Won’t Stage a 51% Attack on Bitcoin"—https://cointelegraph.com/news/why-chinese-miners-wont-stage...

[onelastjob]

I don't think it's FUD. If the Chinese government wanted to destroy BTC (because it violated their currency control laws), they could do it by coercing the owners of the mining pools located in China and those pools do do currently have over 51% of hash power. They could do a reorg of blocks resulting in a double spend attack, as you point out. A successful double spend attack by China would cause a huge crash in the price of Bitcoin and threaten its future viability. How is this FUD when it could be carried out tomorrow?

[alwillis]

I don't think it's FUD. Of course you don't; you're here promoting Nano.

If the Chinese government wanted to destroy BTC (because it violated their currency control laws), they could do it by coercing the owners of the mining pools located in China and those pools do do currently have over 51% of hash power.

Again, this is FUD. It's not a good look to market Nano by trying to scare people into believing something like a 51% attack could happen tomorrow, when it's extremely unlikely to happen. Nano should be able to stand on its own without these scare tactics.

You're assuming a double-spend attack on a block mined by Chinese miners would destroy Bitcoin when everyone knows such an attach is a theoretical possibility. As mentioned in the article I posted and you conveniently didn't respond to, there are many safeguards that would alert other miners.

Bitcoin is about to pass $700 billion market cap—that's a lot of incentive to stop bitcoin from being destroyed. Even China knows it's better for them to have a non-sovereign store of value that's not the dollar.

It would be pretty easy for the rest of bitcoin to see that the block is not legitimate and ignore it. Don't believe me? Bitcoin expert Andreas Antonopoulos said the same thing: https://www.youtube.com/watch?v=ncPyMUfNyVM.

It would take a lot of coercing to convince these miners to destroy their lucrative businesses for what would essentially be a one-time stunt that only effected a block these particular miners cared about. I suspect many of them would choose to shutdown their mining rather than destroy their businesses… and since it's not possible to do the attack without all of them onboard, it wouldn't happen.

Now that billionaires are all-in on bitcoin, it'll become in everyone's best interest to increase mining in the United States by partnering will the oil and gas industry, which has already started.

"Oil Companies Will Dominate BTC Mining in Five Years: Marty Bent"—https://cointelegraph.com/news/oil-companies-will-dominate-b...