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?
97
caladanbrood 11mo ago

And another possible deterrent is that even if they did it - the rest of the community (basically the nodes) could unite and change the codebase of Bitcoin to use a different hashing algorithm and that would make all those ASICs obsolete.

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