Re: Ethereum could afford a 51% attack on Bitcoin, and profit greatly from it
⭐ Merited by vapourminer (1)
here the thing, if they were to have enough incentivised people to buy 2,500,000 asics at $6.3k each ($16b)
.. then there is no point doing a 51% attack if the only aim is market manipulation... they can just market manipulate using the $16b without wasting money on hardware
.. then there is no point doing a 51% attack if the only aim is market manipulation... they can just market manipulate using the $16b without wasting money on hardware
Why would you go for the most expensive hashrate on the market?
Bitmain sells plenty of gear way cheaper at $20/ths or even s19 at $11/ths, which would bring the numbers down to 6 billion, and this not even counting that you can buy used gear even cheaper, huge batches of gear sold at $4 per this, and you only need to run them for a few days.
So that 16b is closer to a number that would guarantee you more the hashrate for the next few months, at maximum efficiency and not counting how many miners will go bankrupt when their income is halved because you add that much hashrate.
A far more down-to-earth number would be a quarter of that at max.
I wasn't at all suggesting that devs would respond to prevent Bitcoin from switching. I was only saving devs would respond on moral conscience -- to simply attack another network using Ethereum resources (selling Ether as you said remember?) is not a coonscienable action.
Also, I personally think Ethereum undermined themselves long ago when they rolled back... mostly at the behest of the haves, but I suppose partially on a moralistic capitalist argument.
P.S. Reason I don't actually support or go against technical routes is simple -- I actually am very weak in technical discussions =)
Also, I personally think Ethereum undermined themselves long ago when they rolled back... mostly at the behest of the haves, but I suppose partially on a moralistic capitalist argument.
P.S. Reason I don't actually support or go against technical routes is simple -- I actually am very weak in technical discussions =)
Too much talk about morals in an ecosystem driven only by $.
Besides, I don't understand why everyone is focused just on ETH, for example, another player, CZ could do this with just a fraction of his wealth, and more importantly, he already has a pool set up and can grab a lot of rented hash while playing innocent.