Author: Alex Mizrahi 2014-10-25 20:49:54
Published on: 2014-10-25T20:49:54+00:00
Assuming that half of the mining equipment is shut off, the amount of hashes/second is currently quite secure against any takeover. However, the equipment won't just be turned off but will be up for grabs, and one can use websites such as nicehash.com and multipool.us to switch between different chains. For instance, if mining BTC is less profitable after a halving, a miner willing to maximize profits might use multipool to auto-switch to something more profitable, which could lead to an attack on Bitcoin. If 60% of bitcoin's total hashrate is available via "multipools," one can try to pull off a double-spending attack.While the document makes a long series of assumptions about how this can turn out bad, each individually implausible, together they are just fiction. The reader may have failed to grasp even basics.
Updated on: 2023-06-09T03:31:07.034701+00:00