El Salvador abandons Bitcoin as legal tender after failed experiment

Re:El Salvador abandons Bitcoin as legal tender after failed... by eagerpace on Tuesday February 04, 2025 @12:07AM (#42928248)

How can anything ever be changed once 51% is abandoned?

I also think there will be a gold rush of hacking old wallets one day when the encryption is broken. Not sure if that will happen before or after btc failure though. You can’t upgrade security on lost wallets.

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Re:El Salvador abandons Bitcoin as legal tender after failed... by speakfreely on Tuesday February 04, 2025 @12:32AM (#42928436)

I think you're confusing proof of work with proof of stake. The integrity of the Bitcoin network is enforced by the miners agreeing on the rules, not by anyone staking their ownership for governance.

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Re:El Salvador abandons Bitcoin as legal tender after failed... by pineaux on Tuesday February 04, 2025 @01:40AM (#42928877)

What about if you hack a lost wallet and then you transfer the coins to yourself. No proof of work needed then. It is just there, in your wallet.

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Re:El Salvador abandons Bitcoin as legal tender after failed... by bavell on Tuesday February 04, 2025 @04:09AM (#42930054)

Sure, all you have to do is compute until the heat-death of the universe. No proof of work needed!

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Re:El Salvador abandons Bitcoin as legal tender after failed... by jeffhuys on Tuesday February 04, 2025 @02:52AM (#42929408)

Just… really suggest you take a deep dive into blockchain technologies. You’re confusing a few things.

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