Re:Coinbase is exploring the addition of new currencies
by arcticbull on Monday December 10, 2018 @12:02PM
(#18649275)
Itβs much easier than that, all the bitcoin hashpower is in the PRC, all it would take to initiate a 51% attack is for Beijing to send a strongly worded memo to the miners.
Re:Coinbase is exploring the addition of new currencies
by tuxxy on Sunday December 09, 2018 @09:21PM
(#18644730)
Keeping that a secret would be nigh impossible. It's still extremely unlikely this would actually work in the government's favor.
Re:Coinbase is exploring the addition of new currencies
by reitzensteinm on Sunday December 09, 2018 @10:22PM
(#18644935)
Why would they need to keep it a secret? Doing it in the open would probably be more effective.
Are you saying they couldn't at a bare minimum force Bitcoin to switch hashing functions?
Re:Coinbase is exploring the addition of new currencies
by tuxxy on Thursday December 13, 2018 @05:51PM
(#18676868)
No, the government could not force Bitcoin to adopt a new hashing function. It would be nearly impossible for any government to enforce a hardfork like that.
Why do you think doing this in the open would be more beneficial?
Re:Coinbase is exploring the addition of new currencies
by reitzensteinm on Saturday December 22, 2018 @02:01AM
(#18739379)
So if governments were to seize a monopoly on ASIC production for Bitcoin, the community would cede control of the hashing power to them rather than swapping to something else?
ASIC production for Bitcoin mining exists only with the implicit consent of the governments of the handful of countries that contain fabs capable of leading edge nodes.
It would not be difficult for these governments to secure a monopoly on ASIC production, and at trivial cost launch a permanent attack on the network.