Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion

again a good article by Lopp

How Many Bitcoin Confirmations is Enough?
https://blog.lopp.net/how-many-bitcoin-confirmations-is-enough/

So if a country with large resources wants to fuck up bitcoin they need only have 2 large hydoplants and 52% of the hash.

Thus CHINA could do it for about 6 billion

let check the math.

we are at 330 eh or 330,000ph or 330,000,000th

3,300,000 s19 pros = the network.

say 1000 for 1 or

3,300,000,000 cash to match the networks hash

let China take over bitmain build the units and they would make some extra ones so 4 billion means

4.0 all china 3.3 rest of us

you need power
4 units = 13.2kwatts
40 units = 132kwatts
400 units = 1320kwatts
4000 units = 13200kwatts
40000 units = 132000kwatts
400000 units = 1320000 kwatts
4000000 units= 13200000kwatts or 13200megawatts this dam in china does 20,000 megawatts

https://en.wikipedia.org/wiki/Three_Gorges_Dam

https://en.wikipedia.org/wiki/List_of_largest_hydroelectric_power_stations

so at the moment China could destroy btc for under 6 billion dollars if they choose to do so.

This is a roadblock to adaptation worldwide btc currency

I posted it before but there lies truth in what Antonopoulos says:

Andreas Antonopoulos - 51% Bitcoin Attack
https://www.youtube.com/watch?v=ncPyMUfNyVM

Do you think he is correct cause my math above is accurate.

China would be the player to cause the attack as they build most of the gear.

No need to do this today or tomorrow but if BTC did get big say 500k a coin it could be tempting.

It kind of calls for a gear race or at least a gear decentralization of plants.

USA is to open a chip plant in NY

https://www.computerworld.com/article/3675354/micron-to-build-largest-chip-factory-in-us-history.html

I believe your math is roundabout correct. But that doesn't invalidate what Antonopoulos says.

If such an attack happened, nobody would value the fork of the attackers, after they are discovered.

I don't even know if they could pull off the same attack several times after being caught.

The Bitcoin network has a community behind it sharing the same values and that's (an intentional) part of its strength.

I'm sure our community would get together and quickly secure the network by any necessary means ...even if that meant a kind of temporary centralization or something.

But I'm just poking around in the dark. There are some very smart people who already figured out the possibilities and also the most 'successful' objectives of an attacker as well as the necessary counter measures.

I'm sure many WOers have a shitload of knowledge and educating links to share on that rather ancient topic.

Right I get that. But as I said btc could go to 100-500k and do it quickly.

As I type the possibility that the gear is in place and ready to attack is not very high.

But
2017 19.9k
2021 69.1k
2025 200k why not and at this moment how much gear is in direct control of China 🇨🇳 Russia 🇷🇺 USA 🇺🇸

governments. We dont know.

Remember the hashrate attack done in 2021

a 50% drop in mining due to a Chinese mining ban.

How about right now Chinese government direct controls 20% of all mining gear.

They could slash the hashrate by 20% on day 1 of the 14 days.

In fact there is evidence this is being tested as I type.

I will post a link.