What would stop me from taking your money then switching my mine back on? Now "all ur bitcoin R belonging to me!" Oh and some of your cash.
Say what?? How would you do that?
If I understand the idea correctly. Miners would be paid to run alternate software. Assuming a majority of the worlds miners participate, this mystery code is really a way to fork the chain. At that point the mystery software takes over the network.
There are a million problems with this idea. Here are a few.
1. I would
NEVER run a closed source program involving bitcoin. That would be insane.
2. The attacker has absolutely zero ability to keep miners from taking his money then not running his software. If they did then difficulty would be lower and the attacker is now back to competing for the same block rewards. Except he has paid money to do so.
3. If all went perfectly somehow and the attacker took control of a majority of hashing power then forked the chain... He looses. Why. All he owns is another stupid alt coin that he paid millions of dollars to get. I assume I am like most here and would not even consider using this new fork. Therefore his "fork coins" are basically valueless. The rest of us would still be using the original bitcoin.
