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by TapWaterBandit 883 days ago
Lol this comment is funny because you clearly don't understand how Bitcoin works but are convinced it will be a problem. Owning the most bitcoin (or even a majority of the bitcoin) doesn't mean you control the network......
1 comments
ac29 883 days ago
The bitcoin network is ultimately controlled by the economic weight of its largest holders. If the big funds control enough bitcoin, they will have the power to pick which fork holds value. Miners and node operators can operate on whichever fork they want, but that doesnt mean Coinbase or Fidelity or whoever is going to recognize that fork.
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TapWaterBandit 883 days ago
> Miners and node operators can operate on whichever fork they want, but that doesnt mean Coinbase or Fidelity or whoever is going to recognize that fork.

Mate that isn't how it work. If Coinbase or Fidelity don't recognise the real blockchain then they no longer have real bitcoin, they have a forked coin (because they are not on the true bitcoin chain). The Bitcoin chain is determined by consensus of the majority of miners/nodes (not bitcoin holders!) and if they break from that they now have a substantially devalued asset (look up the price of BCH and BTG these days).

You seem to be under a misapprehension that owning the most bitcoin gives an institution or individual power over the network. It does not.

Bitcoin, by definition, cannot exist on two separate chains. If an institution attempted what you are saying all they will have done is reverse alchemy: turned gold (bitcoin) into lead (an unrecognised chain with no mining occurring, no recognition by nodes etc).

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TarasBob 883 days ago
Yes, it’s all about the consensus of majority of the nodes! Not miners.
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ksjskskskkk 882 days ago
not even that. the miners follow the nodes. if fidelity holds all transactions andbonly show them to their private miners, they will always mine with more transactions then the others, hence the 51 attack is based on transactions not miners nor nodes.

again, the cheerleaders who might know math (usually not even that) forget about the ruthless of business

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TapWaterBandit 882 days ago
Lol that isn't what a 51% attack is...The confidence people on this thread are speaking about something they have no clue about is staggering. A 51% is ALL about miners and nodes.

https://www.investopedia.com/terms/1/51-attack.asp

> forget about the ruthless of business

Noone has forgot a thing just aren't clowns like you who think businesses are some substitute god who can't be beat. Fidelity doesn't "hold" the transactions. Transactions to be relevant MUST be broadcast to the network and if this doesn't happen then the blockchain plods along as if they didn't happen.

Honestly, learn a bit more about how this stuff actually works before commenting.

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