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by wdpk
1638 days ago
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The technology (preventing double spending) only works if the amount of computational power in the hands of a single agent is always less than 50% (or preferably a little bit less) of the total network power. If the condition is not met, someone could first pay you 100 bitcoins for say a Tesla then spend the same 100 bitcoins on something else (say cocaine...). If the proof of work becomes "easy" for a single agent then her view of the ledger is the ledger. So the value would very quickly go to 0 USD regardless of any aesthetic pleasure one may derive from a bunch of bits |
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