/biz/ - Business & Finance

>>29088250
>Any fortune 500 tech company could do it for maybe an hour of downtime.
I don't think there are enough incentives for this to happen, though. Realistically speaking it would take a while for this to be possible or it would be extremely expensive due to reward penalty if block size increases too fast. People everywhere (mostly miners and the community members) would notice the absurd increase in the unknown hashrate to the size of the current network, giving the whole world some time to react and people to start mining with their Raspberry Pis to fight the attacker. If there's fear of double spending on an exchange, once it's assessed that an unknown entity is gathering too much hashpower to do an attack it would be possible to just tell exchanges and service providers to wait a few block confirmations. Someone running >51% hashrate doesn't automatically control the chain and it must be able to find blocks faster than the rest of the network CONSISTENTLY.
I think you're overestimating the risk of this actually happening.

>21
>2nd year of Bachelor of Accounting & Finance
>UK

Currently on 2:1. No internship or extracurricular activities.