Re: If you were to recreate Bitcoin to be better and more secure. How would you?
well your is even more flawed then, because you started with saying "if banks turning on(which mean buying) 300peta of hash", i answer in the same way, why they need to do this if they don't need money??
also it doesn't matter what is their intention(even if they want only to kill bitcoin), they will lose money doing it, end of story
No it is not. You have a wrong understanding of the possible scenario. If a certain % of people move to Bitcoin completely the banks are going to lose a part of their business.also it doesn't matter what is their intention(even if they want only to kill bitcoin), they will lose money doing it, end of story
That's how Bitcoin is a potential threat. They will lose money investing on their equipment to save themselves from losing more money.
the point is also, that a 51% can't kill bitcoin actually, because it would only mean that its price will restart from one/zero, like a new birth, thus making pointless do a 51 only for killing it, normally one would do it for the money...
Everyone would jump ship quickly as Bitcoin as it is would be broken. A hard fork would be necessary (then again what's preventing them to jumping aboard again since they already have the equipment?). Good luck with the belief that Bitcoin is unbeatable and that unicorns can fly.
I agree a 51% attack doesn't kill Bitcoin. The network per si would remain alive. But if you can't do a transaction, Bitcoin is useless.
The issue is not about the lack of profitability of a 51% attack. The issue is more political. It's about doing a 51% attack to force you to use fiat money.
Like I said. Banks.The issue is not about the lack of profitability of a 51% attack. The issue is more political. It's about doing a 51% attack to force you to use fiat money.