So someone will buy 1 billion worth of machines to destroy bitcoin. The thing is if someone buys that much of ASIC power it will increase the value of bitcoin because that would be the number one news on Coindesk, bloomberg, etc for a while. That someone would have increased his capital just by simply buying the gear. Next is the 51% attack to destroy bitcoin. Way before the value of bitcoin goes down to zero, a lot of bitcoiners would have converted to another alt coin, making that new alt coin the new Gold crypto. Since his Asic were specifically made for bitcoin mining, that someone will need to invest in another billion to break that new gold crypto.
Meanwhile investors are looking into that someone (most likely an evil bank in that scenario) and wonder why their money is spent so foolishly then will force a change the board direction or walk with their captial.
You don't need 1 billion to kill bitcoin. You would need multiple of billions and even that does not guaranty anything.
Does that story make sense to you?
Can you please explain your calculations again?
The current hashrate is 55,000 Th/s.
Each Th/s at this time costs around $2,500 (maybe lower in huge orders).
In order to hit the 51% , you need at least lets say 30,000Th/s , to make sure by the time they get delivered you can counter it.
So $2,500 X 30,000Th/s = $75,000,000 approximately.
With $75,000,000, you can potentially control the whole BTC network.
Not close to a billion you say.
