Replying to Avatar Ken Berry, MD

I've been studying the "51% attack" fear about BTC, here's what I found

A 51% attack on Bitcoin is no longer feasible for ANY actor, even a nation-state or $100 billion corporation, because:

-The sheer scale of the hashrate is unprecedented.

-The energy, hardware, and infrastructure costs are insurmountable.

-The Bitcoin community and network’s resilience would mitigate the attack’s effects.

-The economic and reputational consequences would deter any rational actor.

-If a group of major nations outlawed it, investors would riot and/or ignore the law

What did I miss?
Avatar
FiddleHodlHomestead 11mo ago

My impression is that even if it worked it would effectively be a hard fork, and the existing nodes would refuse to recognize transactions as long as they have the existing software.

But I could very well be wrong, because I'm still pretty fuzzy on how all of this works, but it has stuck with me that nostr:nprofile1qyv8wumn8ghj7urjv4kkjatd9ec8y6tdv9kzumn9wsq3vamnwvaz7tmjv4kxz7fwwpexjmtpdshxuet5qyvhwumn8ghj7um9dejxjapwdehhxenvv9ex2tnrdaksqgqyey2a4mlw8qchlfe5g39vacus4qnflevppv3yre0xm56rm7lveyr9lldz recommends not upgrading nodes with new software immediately.

Reply to this note

Please Login to reply.

Discussion

Avatar
Elephant in the root 11mo ago

Nope, 51% attack is a soft fork, not hard fork.

Avatar
FiddleHodlHomestead 11mo ago

oooh - thank you! I hope the original poster sees your note