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Quote from: Satoshi
The
system is secure as long as honest nodes collectively control more CPU power than any
cooperating group of attacker nodes.
...
If a greedy attacker is able to
assemble more CPU power than all the honest nodes, he would have to choose between using it
to defraud people by stealing back his payments, or using it to generate new coins. He ought to
find it more profitable to play by the rules, such rules that favour him with more new coins than
everyone else combined, than to undermine the system and the validity of his own wealth
system is secure as long as honest nodes collectively control more CPU power than any
cooperating group of attacker nodes.
...
If a greedy attacker is able to
assemble more CPU power than all the honest nodes, he would have to choose between using it
to defraud people by stealing back his payments, or using it to generate new coins. He ought to
find it more profitable to play by the rules, such rules that favour him with more new coins than
everyone else combined, than to undermine the system and the validity of his own wealth
Because then they could falsely sign transactions and double-spend without getting caught. If a trusted central authority, for example a website controlled by a commity, would make a backup of the blockchain every day and then check it every 24 hours for suspicious activity increase security? In theory they could also restore transactions since the last backup. Bitcoin has alot of CPU power, so the risk for someone having enough CPU power for this is lower but alot of cryptocurrencies don't have alot of CPU power. Is it a good solution for those cryptocurrencies to increase security? Since the risk for this to happen is greater if you have less CPU power.
p.s. I'm new to this forum but intrigued by the technology, I hope to learn more so sorry if I ask a stupid question.
p.p.s. I'm not Janet Yellen either ^^
