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by wslh 793 days ago
> Nobody can stop it.

Simple answer: yes, they can. For example a state actor or a crazy billionare could spend enough money to launch a 51% attack. Indeed the theoretical attack requires only around 20% of mining power.

Also, the next generation of people could choose another blockchain, Bitcoin turns irrelevant because another blockchain surpasses it in the audience.

2 comments

It would now requires more like a trillion and they would also have to KEEP spending or everyone could just switch chains at point.
Delusional, The cost of energy to carry out 51% attack is a few millions / minute.
Delusional is also thinking "oh they'd just hard fork and roll back the transactions." And then they just keep doing it over and over again.
Even if you had the money, there's not enough hardware for sale to get 20% of mining power. Not even 2%. High-end mining hardware (most efficient) is almost always sold out.
State actors could build those ASICs or use proxies.
It's not that easy. Russia has been trying to build their own competitive chips for decades with no luck. All their attempts lag modern chips by multiple generations.

You would need to duplicate TSMC to create enough ASICs.