Re:The U.S. Government Can Nationalize the Bitcoin Network a...
by michaniskin on Monday August 02, 2021 @03:55PM
(#28041804)
They don't need to compete with a thing they can destroy. And they can destroy bitcoin with a 51% attack that is funded by their ability to print as much fiat as it takes.
Re:The U.S. Government Can Nationalize the Bitcoin Network a...
by wooby on Monday August 02, 2021 @04:42PM
(#28042351)
> Realize a successful 51% attack is just the beginning of the war, not the end of it.
I think you're right; the war will go on for awhile. But I'm convinced by https://news.ycombinator.com/item?id=28028542 that in the end, if anything bests fiat, it will be gold.
Barring some new technological breakthrough, it seems to me that bitcoin has no value in a fiat world, and no value proposition in a sound money world. It's a noble dead end.
And no, they can't destroy something that can be forked and updated an infinite number of times. Not sure why you don't understand that its trivially easy to copy Bitcoin and build an alt. As long as that is the case, Bitcoin cannot be defeated.
If the current POW mechanism is repeatedly attacked and defeated it will adapt or projects will move to another consensus method. This is an arms race that CBs cannot win and they will burn a lot of money in process of losing, which is a beautiful thing.
Realize a successful 51% attack is just the beginning of the war, not the end of it.
*All the arguments you put forth so far are defeated by this simple flip of a consensus mechanism switch.