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Author Topic: What if deepbit started a new block chain?  (Read 1013 times)
coblee
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July 15, 2011, 04:41:44 AM
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Imagine if tycho decided he wants to start a new block chain and uses deepbit's huge hashrate to do that. Or if a hacker hacked into deepbit. All he has to do is temporarily disable withdrawal for a day and have all the miners work on mining deepcoin starting at difficulty 1. Before anyone realizes the deception, thousands of blocks would have been mined and probably close to a million deepcoins. Then when the miners see that they have generated thousands of DPC each versus not even 1 BTC, some might decide to stick around and see what happens. Some othe pools or miners might then join this so that they too can be early adopters of this new coin.

What do people think? Is this a plausible scenario? Tycho likely would not risk his deepbit earnings to do this? But a hacker could. That's why I think it's a bad idea to have one pool control so much of the total network hashrate.

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July 15, 2011, 04:42:53 AM
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If you started a new block chain, you could distribute the coins any way you wanted. Hijacking mining power would not be required at all.

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July 15, 2011, 04:49:19 AM
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It wouldn't take very long for miners to find another pool if that happened.

^_^
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July 15, 2011, 09:56:12 AM
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I could say everyone on this forum has 20,000 cool points right now. Doesn't mean that anyone cares.

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July 15, 2011, 10:00:27 AM
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FFS use Google you'll find at least a thousand threads like this one with all the answers possible!

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