Quote from: blacksmithtm on June 06, 2021, 09:27:09 PM

Has anyone wargamed a 51% attack on Bitcoin? How would it go down. What defensive measures could be taken.

*edit* Ive been trying to guestimate the block rewards in the future and what ive arrived at is difficulty will go down alot. This is not good if there is a relatively large faction in the world vying to supply the reserve asset because for the cost of less than building a power plant you could 51% attack bitcoin at that point. So if a proof of stake coin tracks BTC market cap they can just wait for a few more halvings and then attack. Or if a legacy government like China wants to assert their own CBDCs they can spend a fraction of their military budget to attack bitcoin. Not cool.

BTC well 90% if mined in CHINA, 99% of the HW is made in CHINA, and +90% of the mining pools for btc are in CHINA, but nobody sees the 500LB gorilla cuz morons are blind

The reality is its not in China's interest to kill the golden-goose, so play on garth, and talk poop

One example of a chinese pool getting 51% was bitcoin-gold, not long after launch it was 51% attacked, and some $72M USD was stolen by having fraudulent transactions approved. So it does happen, with bitcoin even the Chinese would not accept the huge losses. Then of course one man Jack-Ma owns 99% of all the crypto-mining on earth as he owns all the ant-miners, ant-pools, and ant-hw, and ant-pay systems; but now under CCP arrest, thus if the CCP wanted to pull the plug, they could, but why would they? BTC was just over $1Trillion USD cap a few months ago, bigger than most USA corporations. Hell that's 1/2 the Chinese holdings in USD, and BTc is certainly more valuable that US-toilet paper.

In summary china is more likely to pull the plug on USD, rather than btc, they'r just studying it, and waiting for the correct time to re-deploy the infrastructure towards CBDC ( its realy field tested between HK&Thailand since 2019 ).