What's stopping your adversaries from seizing hardware? Nothing? So the system relies folks playing nice in the physical world?
The whole thing is a ridiculous fantasy with an asinine threat model.
Re:Crypto crash deepens, stocks slip
by inter_netuser on Wednesday May 19, 2021 @02:33PM
(#27212561)
The same that stops people from invading your house, caging you, and confiscating everything you own. Violence.
Either monopoly on violence in the state under whose protection miners operate, or private security for smaller threats.
Miners in China, Russia and Iran are essentially absolutely immune to threats from the West. and vice versa.
It's not designed to gamble and make a quick buck, but to survive even a nuclear war. Just like TCP/IP wasn't designed for streaming porn.
Compromising hardware doesn’t require compromising countries.
If you’re servers are worth X Billion Dollars that’s attractive to the same sorts of criminals that rob banks. Hell governments have a long history of running drugs and state sanctioned piracy etc. An attractive enough target needs serious security.
Because there's threat models with less threat than "US sending a fleet of aircraft carriers to go after you".
Re:Crypto crash deepens, stocks slip
by inter_netuser on Wednesday May 19, 2021 @02:34PM
(#27212568)
Even that would not work very well against miners in China, Russia, Iran, Venezuela...
Would you take M1 Abrams tank to race at Nurburgring? They have a different function.
Lightninig/Payment channels, backed by the same baselayer security guarantees, can operate at literally unlimited tps. The only ceiling is how fast you can send packets back and forth.
Miners do not vote, they are nothing but security guards paid by the network users. Miners do not get paid if they produce a block with rules not accepted by the rest network.
Counterintuitive, but that is the reality.