Post
Topic
Board Development & Technical Discussion
Re: 51% Attack
by
Khaos77
on 25/01/2020, 16:29:19 UTC
Following scenario: A government would like to destroy Bitcoin. It buys a significant number of ASICs to build up a huge mining farm and carries out a 51% attack.
From my point of view it will not be so easy to buy so many ASICs as once - what do you think?
Another question: Will it be noticed (how?) that somebody buys a big stack of ASICs and/or are we able to identify such a behavior monitoring the network's hashrate?


You are confused at the difference between a Government Power verses a rich person Power.

You outlined how a rich person would attack bitcoin, by buying what they needed to make a 51% attack.

A government would go about it differently.
1. Just Outlaw it and imprison anyone for 20 years that used Bitcoin.

2.  Seize / Confiscate any ASICs warehouse in your or cooperating counties, and use them for an 51% attack.

3.  Threaten the top 4 mining pool operators with jail or worse, if they fail to comply with your Government desire for a 51% attack.

4.  Tax the miners to make it an unprofitable venture, so the miners close down.

5  Full Scale war, physically destroy all ASIC warehouses with explosives and imprison any bitcoin supporters.

6. Start a worldwide Propaganda campaign  how bitcoin is funding terrorism and depleting earth's natural resources,
    So bitcoin never gains true adoption, and people refuse to use it , because they consider it disgusting.
    This would also correlate with the release of a Government Backed/Controled digital payment system
    which would be promoted and accepted as fiat in that country.

* While governments may never go that far, be aware, they have access to resources that mean they never have to buy 1 asic to destroy bitcoin. *