There’s been a lot of talk about the potential for the government to co-opt and/or seize miners to 51% attack the network or reorg the chain on an ongoing basis lately.
One thing that I think isn’t given enough thought in these discussions is the fact that coinbase rewards aren’t released to a miner until 100 blocks after the block they mined.
Can’t exactly put my finger on it, but I have an intuitive feeling that this is a crucial part of the game theory that many are missing.
Coinbase rewards are not released until 100 blocks after the mining reward and they call #Bitcoin a get rich quick scheme smh
#[0]
So basically the other 49% will be stacking all the potentially censored transaction rewards and more and more hash will be incentivized to go over there, thus negating the 51% attack? Is this the idea of the game theory?
The connection makes sense.
Image a miner being forced by a government x to not mine a certain transaction or even build on another block altogether.
This miner could physically leave the county and ship the ASICs over the border before the “nefarious” transaction’s coin base reward is payed out 🤔
Thereby the don’t break the law and don’t go to jail in case they ever visit back home.
If bitcoin is anti-fragile it will benefit from that attack.
If bitcoin is not anti-fragile it is not what we believe it is.
Fuck it, we will just fork off.
Satty Nakamoto was a genius of greater magnitude than even we can comprehend!
They would still have to contend with the nodes acceptance wouldn't they?
add that to the list of issues addresses here in terms of an empty block attack let alone a reorganization
https://jimmysong.medium.com/debunking-the-empty-block-attack-10513858b3f8 by #[2]
Addressed in Cryptoeconomics
https://github.com/libbitcoin/libbitcoin-system/wiki/Empty-Block-Fallacy
Realistically, you'd need probably 60-70% of hash rate to pull off a sustained 51% attack.
144 blocks/day...having 51% means you would on average mine 3 more blocks/day vs the other chain. Luck comes into play here too...the minority HR chain might have slightly less than 50% of HR, but over the next hour maybe they find 5 blocks and the majority HR chain finds 1.
# READ CRYPTOECONOMICS
Game theory has nothing to do with the security of Bitcoin. Game theory is a system in which the rules are static. If one entity controls 51% of the hashrate, all of the existing rules are no longer enforceable. The only options left are to abandon the network or attempt to mine a heavier chain.
This is clear from reading Softwar as well. Bitcoin is an anarchic system in which disputes are settled by raw power.
https://github.com/libbitcoin/libbitcoin-system/wiki/Censorship-Resistance-Property
Wow really I didn’t even know that it is a thing isn’t it just put into account just like any other transaction in that block?
There are no accounts in Bitcoin
I did not know that. Thank you for sharing
GL to anyone wanting to do a 51% attack. Nodes have a great deal of power which cannot be overlooked.
Nodes have zero hashing power. Only economic power to the extent that they are paying miners with fees. The vast majority of nodes are economically irrelevant. Centralization is a threat on both the mining side and the merchant side.
https://github.com/libbitcoin/libbitcoin-system/wiki/Balance-of-Power-Fallacy
The majority of people running nodes are aware of the economics of bitcoin and support miners who contribute to the greater network security. If miners start acting in a hostile manner, I fully expect nodes to pivot and discontinue verifying transactions from rogue miners. This would make the whole 51% exercise an expensive and fruitless endeavor.
Node runners have a great deal of power which should not be overlooked.
Who's going to mine on the new chain?
The remaining 49% (or less) of the miners that proved themselves to be good actors
I'm surprised people would be talking about something so improbable.
It's kind of tough to purchase/acquire(?) hundreds of thousands of ASICs, spend billions in infrastructure and divert tens of GWs w/o anyone noticing; particularly so when you're bankrupt. Also — imagine what this would do to their narrative (chills).
Sounds like a statist wet dream.
Now what's a "CoinBase reward"?
Coinbase reward is the name of the coins that a miner receives when he finds a block.
First they where 50, then 25, then 12.5 and now 6.25 ₿ per block.
The trick is: these ₿ are “locked” till some time after finding the block. This is for a simple reason: sometimes competing blocks are found and briefly coexist before the weakest chain (with least POW behind it) reorganizes and starts to build on the strongest chain again. This is called a reorg.
Ahhh I am aware — in the industry it's more commonly referred to as block reward or block subsidy. I thought he was talking about the exchange ✌🏻
The USA government does not have to do anything in secret.
They just take over the mine and let the miners stay where they are.
Where did you get the idea from that they have to "move" them and it has to be "secret"?
If everybody panic sell the news about it, the USA government would be happy...not sad.
The USA government could attack any PoW blockchain 365 days a year with the "nationalized" miners.
I have a node running upstairs through Tor. Good luck with that
%20-%20Profi.png/:/cr=t:7.63%25,l:7.63%25,w:84.75%25,h:84.75%25/rs=w:1536,cg:true,m)
