New answers tagged

-4

The question you WANTED to ask was: What if the Fed or the EU acquires >50% of the hash-power of the btc network? The other answers are correct in that btc is not Proof-of-Stake, so owning coins doesn't grant special privileges. To answer the proper question is even easier: YES. If a large entity acquired > 50% hash-power they could do anything they ...


4

The bitcoin protocol does not grant someone with a large amount of BTC any explicit control or influence over the consensus operations of the network. If someone owned a majority of coins, it wouldn't really make any difference to the rest of the users. However, there is a little bit of nuance here that wasn't explicitly addressed in @Prayank's (otherwise ...


4

Bitcoin has always been against that type of centralization, but if one of these entities decided they wanted to gain centralized control, could they do that by taking the action of acquiring a majority of the coins in circulation? The Bitcoin network's token (currency) BTC can be accumulated by anyone in the world by: Exchanging other currencies for BTC ...


1

According to an answer to Specific explanation of "timeout" configuration option in Bitcoin The -timeout flag sets the amount of time to wait during an attempt to connect to a node. It defaults to 5000 ms. According to Earth–Moon–Earth communication (Wikipedia) Propagation time to the Moon and back ranges from 2.4 to 2.7 seconds, with an average ...


0

Ethereum, which is going to use Proof Of Stake, would be under danger. Bitcoin uses proof of work, which means there is danger if the majority of the hashpower is controlled by a single entity/cartel. This is much harder for governments to hijack, because there is very high demand for new energy-efficient Bitcoin miners. The government would be at loss if ...


1

The Nakomoto consensus should work regardless of where the miners are located, as long as they are using the same network. The internet on earth, as it currently stands, is fully connected. So miners in China, Germany, and the United States are all contributing to the network where information is travelling across the internet. It could be conceivable that ...


2

What am I missing? What is the length of largest known reorganization in bitcoin? There have been only two large re-orgs in Bitcoin's history. The first is the value overflow incident in August 2010 that caused a re-org of 53 blocks and the March 12, 2013 fork that caused a re-org of 24 blocks. There may be a future need for a reorg of more than 6 blocks? ...


Top 50 recent answers are included