Positive Bitcoin write-up on Zerohedge

[Hermel]

I don't know. Maybe you're right. At this stage I think it's a moot point though -- why destroy Bitcoin when you can control it? And why advertise your power and risk losing everything?

Because you can't print bitcoins at will like with fiat money. They want to protect their power to print money at will and defend their privileges. Destroying bitcoin does this and about losing... what, some millions of $? They have hundreds of billions!

Note that while controlling the majority of the Bitcoin network does not allow you to print Bitcoin, it allows you to raise fees arbitrarily. For example, you could stop processing transactions with a fee lower than 1 BTC.

So the evil master plan would go like this:
1. Invest in enough computing power to control the majority of the network, you control the blockchain now.
2. Stop integrating blocks mined by others in the blockchain.
3. Stop including transactions with a fee less than X, forcing users to give larger fees.
4. Earn lots of transaction fees.
5. Invest transaction fees into more computing power in order to keep the majority.
6. The other miners will starve one by one as they won't be able to earn anything anymore.
7. Bitcoin is now a monopoly which you own.

[notme]

I think they would fail even if they attempted it

That is the problem. If they attempt they will of course succeed, since it is not hard at all.

You're welcome to your opinion.

[notme]

I don't know. Maybe you're right. At this stage I think it's a moot point though -- why destroy Bitcoin when you can control it? And why advertise your power and risk losing everything?

Because you can't print bitcoins at will like with fiat money. They want to protect their power to print money at will and defend their privileges. Destroying bitcoin does this and about losing... what, some millions of $? They have hundreds of billions!

Note that while controlling the majority of the Bitcoin network does not allow you to print Bitcoin, it allows you to raise fees arbitrarily. For example, you could stop processing transactions with a fee lower than 1 BTC.

So the evil master plan would go like this:
1. Invest in enough computing power to control the majority of the network, you control the blockchain now.
2. Stop integrating blocks mined by others in the blockchain.

2.5 Bitcoin is patched, other miners continue on their own chain.

3. Stop including transactions with a fee less than X, forcing users to give larger fees.
4. Earn lots of transaction fees.
5. Invest transaction fees into more computing power in order to keep the majority.
6. The other miners will starve one by one as they won't be able to earn anything anymore.
7. BitGovcoin is now a monopoly which you own.

8. Bitcoin is still happily chugging along.

[Gabi]

For example, you could stop processing transactions with a fee lower than 1 BTC.

The instant you achieve such control, bitcoin would die because everyone would stop using it.

[marcus_of_augustus]

Is this forum now fully invested with blowhards these days? 

... its kind of like watching 7yos talk about what-if techno-monsters that are engaged in make believe battles.

"... and then the Master Megatron dropped out of warp drive and descended on to the bitcoin network with the might and fury of the Decepticons from planet Cybertron ... "

okay kids you had your fun how about find another play-pen?

[Hermel]

So the evil master plan would go like this:
1. Invest in enough computing power to control the majority of the network, you control the blockchain now.
2. Stop integrating blocks mined by others in the blockchain.

2.5 Bitcoin is patched, other miners continue on their own chain.

Can you explain what kind of patch you mean? A patch that says the shortest blockchain counts instead of the longest? A patch that privileges a few miners, saying that their blocks must be included in the block chain? A one-time update to the client that hard-codes an alternative (shorter) chain of blocks to be accepted?

[Hexadecibel]

 Oh look, its this thread again.
http://gavintech.blogspot.com/2012/05/neutralizing-51-attack.html?m=0

So not only getting the majority of the hashing power and maintaining it prohibiting, its only trivial for us to thwart.

This is why we wont see a 51% attack. The attacker would just be throwing money down a pit.

[Hermel]

Oh look, its this thread again.
http://gavintech.blogspot.com/2012/05/neutralizing-51-attack.html?m=0

Thanks for pointing me to this blog post!

[Spaceman_Spiff]

Oh look, its this thread again.
http://gavintech.blogspot.com/2012/05/neutralizing-51-attack.html?m=0

Thanks for pointing me to this blog post!

+1

[marcus_of_augustus]

I suspect at least 3 different governments consider Bitcoin an 'asset' of theirs, and each have >50Th reserve hashing power (reserve = sitting there, not plugged in)

Oh boy ... which orifice did you pull that from? ... more blowhards ... i guess it is kind of fun living in a fantasy world ... "debate" all you want, I'll leave you to your Decepticons kids.