Quote from: grndzero on June 08, 2011, 05:27:36 AM

Quote from: KnuttyD on June 08, 2011, 05:24:18 AM

Quote from: grndzero on June 08, 2011, 05:19:47 AM

Quote from: KnuttyD on June 08, 2011, 05:15:31 AM

Quote from: grndzero on June 08, 2011, 05:13:02 AM

Quote from: tehcodez on June 08, 2011, 05:10:01 AM

Quote from: kiwiasian on June 08, 2011, 05:07:44 AM

Deepbit just hit 50%. We are still alive. Now everyone stop whining.

This proves you DON'T GET IT. It's not a "50%..the end" thing...its a

User A: "....some time later...what's this? double-spending? can't be...."

User B: "@twitter...btc chain broken..sell."

Thing.

The possibility of your scenario is so slight that it's not even funny.

In the even that it did happen, the price will drop, mining won't be profitable and everyone that's only in it for the money and they would get out.

The network would recover and rebuild, a little more wiser.

From a new block chain. Thats not a very easy thing to do, now that people can look at the original Bitcoin blockchain and say "Oh, yea, you can double spend in that thing.... Not very secure. Lets NOT use that technology."

The exploit was recognized and explained by the creator. I trust the protocol. If you don't then you should sell out and close up shop.

But the protocol is insecure once someone gets >50% (or even close). So why would anyone trust it after a failure like that?

The protocol is not insecure. At 50% it is prone to a single type of attack which is most effectively done by an anonymous person, not a very well known figure.

Really? ::FACEPALM::

Ooo yeah, I remember in the bitcoin paper it did mention a large scale attacker, but with clear stipulations on that it couldn't be a long term forum poster. Whew...close.