Thread
The thing is Govs can do a 51% attack whenever they want, it would be easier today than ever to a state level attack, that is what everyone (expect NGU cultists) want to be protected from..
If monero implemented privacy and a P2Pool would not be a reason to monero exists.
Replies (2)
What do you mean by govs can do a 51% attack? You mean call up the big pool providers and order them to act malicious?
Every miner part of the gov pool could instantly switch in that situation.
I think Bitcoin's resistance to 51% attacks is extremely solid.
Most important are economics of scale that you have to actually acquire physical Asics and can not start your attack from AWS or something similar.
There is also a protection from the physical space where you can only put X amount of asics in your warehouse and not endlessly scale like in the shitcoinworld of "Proof of stake".
From an incentive standpoint you would create a lot of dead capital if you successfully managed to destroy Bitcoin. The incentives are not aligned for you to spend trillions on buying machines just to throw them away the next day since asics can not be used for anything different. It is more profitable to try finding blocks with that hardware than go for the attack.
They can pass laws to do almost everything they want, even keep your sats if you dont provide the KYC for example..
Switch to where? That is my question.
Its not solid option because you dont have anywhere to scape, you dont have any decentralized pool, you will two options in this case, comply or shutdown the miner.
As you said ASICS, are expensive machines to buy and to operate, what do you think owners of ASICS will do in this kind of environment? Comply or seel the hardware to who complies.
I think you didnt saw the point yet, gov dont need to act in physical to do that attack, they only need to work out what kind of regulation they need to make to break you.
They dont need to destroy bitcoin neither they want that, they only need to control it and id all UTXOs.
The attack me and others are seeing is the system is taking over control of bitcoin, slowly but surely, what once upon a time was a tool to free people will be turned to a tool to enslave them..
