Re:Nassim Taleb: Bitcoin, Currencies, and Fragility [pdf]
by wdpk on Wednesday December 29, 2021 @03:32PM
(#29729625)
The technology (preventing double spending) only works if the amount of computational power in the hands of a single agent is always less than 50% (or preferably a little bit less) of the total network power. If the condition is not met, someone could first pay you 100 bitcoins for say a Tesla then spend the same 100 bitcoins on something else (say cocaine...). If the proof of work becomes "easy" for a single agent then her view of the ledger is the ledger. So the value would very quickly go to 0 USD regardless of any aesthetic pleasure one may derive from a bunch of bits
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Re:Nassim Taleb: Bitcoin, Currencies, and Fragility [pdf]
by landemva on Saturday January 01, 2022 @02:30AM
(#29756345)
The system prevents a usable attempt at mining a double spend because of the validating nodes. Your reference to having overwhelming hash power would be for a reorg attempt, which has it's own challenges to successfully implement.