/biz/ - Business & Finance

>>13188569

>>13188569
Because the more they buy the higher the cost becomes as people would buy to moon while the government buys to do a 51% attack.

That´s the beauty of crypto , even if you want to spam the network long term you are doing nothing more than a subsidy to it.

>>13188599
rekt<div class="like-perk-cnt">&#x1F44C;</div>

>>13188599
Are you fucking retarded? A 51% attack doesn't involve buying BTC but taking control of 51% of hashing power--basically 51% of the computer processing power total used to mine BTC/update the ledger.

>>13188569
>This is the IQ of the average bobo

>>13188649
Not an argument pleb.

>>13188596
these dense motherfuckers

>>13188661
If you wanted information you wouldnt be here. You want to spout off about something you barely understand. I want a lazy idiot to insult. You are my hole; you were made for me.

Goodluck finding 51% of all miners willing to take a massive dump on their livelihood

>>13188716
You dont understand shit. They can become +51% miners with enough money.

>>13188725
Hahahahaha yeah right. Goodluck with that

>>13188641
It theoretically would cost 2 billion dollars, it was calculated by "current hashrate * current hash price". But realistically there isn't enough hardware to produce that much extra hashrate.

>>13188753
hardware as in miners? implying they cant build them?

>>13188749
read the op you brainlet. its literally no issue.

This is why DPOS is better.
It just needs to be tuned with better voting incentive systems (unlike EOS), something a lot of korean blockchains are working on.

>>13188775
>DPOS
This is the best. April fools joke I've heard all day congrats anon

>>13188765
They could, would make it much much more expensive than 2 billion $ but if money isn't an issue they could destroy bitcoin sure.

>>13188765
>>13188819
implying we won't hardfork to a new algo and make their hardware obsolete

>>13188569
The problem is an agency of the government would either have to hijack the necessary ASICS, or buy up an entire farm to 51% attack

Where would the banks get their hands on enough ASICS to do this? Not something easily done and even if it could be everyone would find out what they were doing

>>13188569
you're absolutely retarded if you think the banks can afford to fuck with the BTC ecosystem with the threat of a recession on the horizon. Greece is gonna need another bailout soon, the fed is at near zero interest rates, the global economy is at a slowdown and wall street is about to have a buy back blackout.

>>13188641
You are correct i mistake that with a spam attack(that would requiere a constant btc purchase to keep the mempool saturated).

That said i am still correct, with pos it´s possible with proof of work it´s not , they would need more electricity than ireland to get 51% of the hashrate and even if they somehow got it remember that miners work in pool and they cna move the hashrate to others if they want.

Why would miners that live of btc would support a 51% attack.
Assuming a country is retarded enough to get a massive dam like itaipu or three georges dam only dedicated to asics and somehow they reach 40% of the hashrate what would prevent the rest of the miners to counteract this by joining forces in pools?.

The cost would be astronomical due to proof of work and even quantum computers can´t any longer even in theory do a 51% attack on btc this is proven now because btc hashrate surpassed every expectation.

The threat of quantum computers only put in danger the wallets in theory no longer a 51% attack which is why the people that were "quantum will destroy crypto" have stopped shilling that since not even a quantum computer in 2050 would be able to do a 51% attack and the wallet problem is fixable.

So yea in theory you can do a 51% attack , but if you waste more electricty than ireland you will probably end up lynched by those around you when their electric bills go up 150000%.

And a country would need serveral nuclear energy plants or massive hydroplants dedicated fully on this shit to do it.

In fact as moore law limits aproach a 51% attack becomes impossible since miners will start to optimize hash per kw and around 2021 we will see the ultimate asics that will be distributed worldwide to use low energy meaning that world energy costs will unironically become identical everywere due to crypto mining.

>>13188935
>The problem is an agency of the government would either have to hijack the necessary ASICS

This is the only way a 51% attack is possible and after miners found weird shit on bitmain miners in the past it will never happen since everyone is paranoid in that regard.

>>13188958
This guy knows , the political elite and bankers have bigger problems in their hand for them crypto is a meme were a few autist will escape inflation and honestly they are probably into it too.

The only path to keep the current system alive if a recession happens is with a cashless society but if they go cashless it means they lose the reserve currency status and an hyperinflation happens so they won´t.

This means that they will continue what they are doing until they can´t and when shit goes to hell they will all be inside crypto while shilling the normies that it was because muh capitalism or because they sponsored a leftist retard to support insane shit like ubi.

The current system is fucked up and on the path of total collapse when boomers leave in mass numbers.
It can´t be fixed not even with the meme of cashless society that some conspiracy theorist believe.
If they go full cashless to imposse negative interest rates it means the dollar will never again be a reserved currency since people use dollars worldwide to prevent worse fiat inflation and if they go "digital dollar" believe me those countries with capital controls like brasil , argentina or others that use the usd to save money will stop using because their governments would ban it.

So yea crypto is fine the question is what crypto will take the second place once bitcoin bottlenecks.
Probably bitcoincash abc and litecoin , we will find out by 2021.

It would be a lot cheaper for the US Justice Department to just declare Bitcoin an illegal securities fraud and that any and all dealings in Bitcoin are subject to prosecution. After the mother of all dumps occurs and 95% of miners head for the exit the government can just double spend the chain until it's just a worthless, unfixable mess.

>>13189126
I read an imf blog about having a ecurrency usd and regular cash usd that trades at a lower rate than the ecurrency
The catch is the emoney has negative interest and the usd loses exchange ratio to eusd over time
It's all fucked but its funny to watch these brainlets publish dumbass ideas

>>13189433
Kek i can´t believe they are opnely speaking of that , at least they are not that dumb of going full digital then.

Being first worlders most of them probably don´t understand that the usd does not has 50% of inlation per year with the massive us deficit because that inflation is absorbed by the rest of the world.

The fact that they are even considering the crap you just told means they are in total panic.
It´s fucking insane one one side they want to punish you for having the emoney and on the other for having the cash.

At the same time they would need to probably increase controls and regulations on cash to force people into the usd.
Basically they would need to beat everyone into this shitty system but if they do that it means people would hate them.

Also it still leaves open the cash gateway to move to crypto from the e-fiat.
But if they close that gate they lose the reserve currency status.

if the usd would lose ratio to the eusd people in latin america , africa or asia would save in euros or crypto and they still lose the reserve currency status.

Fucking hell we truly are on autopilot and the brainlets are trying to land the plane.