Rewrite the bitcoin blockchain with 100% hash power

[Kprawn]

Would the difficulty not stay the same, through the whole process... even if you started with 100% of the hash power as it stands today? We

are not adding or removing any hash power, so there will be zero adjustment? The amount of blocks that can be processed, stays the same,

so no amount of hashing power will influence that. Right? 

[1714981720]

1714981720

[1714981720]

1714981720

[1714981720]

1714981720

[franky1]

Would the difficulty not stay the same, through the whole process... even if you started with 100% of the hash power as it stands today? We

are not adding or removing any hash power, so there will be zero adjustment? The amount of blocks that can be processed, stays the same,

so no amount of hashing power will influence that. Right?  

after the first 20 difficulty changes occur to get to that stabilisation point yes.
those 20 difficulty changes would happen rapidly

basically in under 3 weeks would produce 40320 blocks which would have taken 9 months.. but after the 20 difficulty changes in the 3 weeks it stabilizes to the 2016 blocks every 2 weeks ongoing at that same difficulty

[BlackJacky]

Alright, I think Ive understood it.

Now the question:

What is the advantage in re-writing the bitcoin blockchain? Why should someone do this? Its just theoretically...

[DannyHamilton]

Alright, I think Ive understood it.

Now the question:

What is the advantage in re-writing the bitcoin blockchain? Why should someone do this? Its just theoretically...

The blockchain is the list of transactions that have occurred.

If you re-write the entire blockchain, then you get to eliminate ALL transactions that have ever occurred AND you get to keep ALL the bitcoins for yourself.

If you only re-write a recent portion of the blockchain (such as the most recent 30 blocks or so), then you can eliminate a transaction were you paid someone.  In that way, you could pay for a product or service, and then after the product or service was provided, you could remove the payment so that it never existed and you have your bitcoins back.

[BlackJacky]

Alright, I understand again, thx.

The danger regarding this matter would be, that the new chain could become the chain with the most proof-work inside and all the nodes would switch to the new chain, right? However, blocks until a certain blockheight would not been changed because CheckPoints have been implemented, right?