Bitcoin is fiat money, too

Re:Bitcoin is fiat money, too by ben_w on Saturday September 23, 2017 @02:25AM (#15318445)

Step 1: purchase, borrow, or steal enough hash power to reach 51% for a short while

Step 2: use this power to force enough transactions to make yourself rich enough to keep 51% power indefinitely

Step 3: profit

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Re:Bitcoin is fiat money, too by narrator on Saturday September 23, 2017 @09:58AM (#15319742)

51% hash power lets you doublespend coins. It does not let you steal from wallets or change the block reward rules.

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Re:Bitcoin is fiat money, too by ben_w on Saturday September 23, 2017 @12:52PM (#15320553)

Which is sufficient to allow you to do what I suggested. Spend coin once on paying for everything, and again on yourself to keep all the money to spend again later.

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Re:Bitcoin is fiat money, too by kazagistar on Saturday September 23, 2017 @11:04AM (#15320044)

So you become like a government, able to print more currency at will?

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