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What about the problem that a network with very small hashpower becomes an easy target for government attacks?

Why should hashrate ever decrease, though? ASIC can be liquidated cheaper and cheaper until it's profitable to plug them again.

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A government can then buy a bunch of cheap ASICs and destroy Bitcoin?

Yes. Or you, or anyone else.

Andreas destroyed that argument in two minutes.

I miss Andreas 🫶🏾

He should be here.

Yeah