The alt chain would need new and useful functionality in order to gain popularity. Bitcoin clones are doomed to fail.
The alt chain would also need a sugar daddy in order to manifest the hash power to protect the chain. The sugar daddy would also have to dump the coins mined to keep the price below the point where it would be worthwhile to do a 51% attack.
All exchanges would need to participate in a cartel to react to 51% attacks (by agreeing to upgrade their clients to manually agree on the correct chain for instance).
And probably a bunch of other things as well.
The days of tossing a bitcoin clone over the fence and then speculating on it are over.
Topic: deleted - page 2. (Read 2626 times)
I'm guessing the attack is being called off?
That's what it looks like. With less than 4 hours to Friday. It's over.
LTC - 1 / BCX -0
I'm guessing the attack is being called off?
Price is too damn high now, can't you do anything to ignite panic selling again ?
Deposit / withdrawal LTC is possible for btc-e now.
Deposit / withdrawal LTC is possible for btc-e now.
We're all the trust node. The person or pool with the majority of the hashing power will most likely never fork the chain because that would destroy the value of the chain. The only people who make a million pounds to set it on fire are British synthpop bands.
Okay, think about it like this. You own 75% of the gold production in the world and also a lot of the gold itself. One day, you decide that you don't ever want anyone to have gold anymore because you've lost your head, so you hire an army to destroy every gold market in the world. This will never happen. Like you, no one is dumb enough to even spend $200,000 forking an altchain because they could just as easily spend 1/5th of that and profit from it like crazy by hoarding the currency as you mine it, thereby constricting supply.
Okay, think about it like this. You own 75% of the gold production in the world and also a lot of the gold itself. One day, you decide that you don't ever want anyone to have gold anymore because you've lost your head, so you hire an army to destroy every gold market in the world. This will never happen. Like you, no one is dumb enough to even spend $200,000 forking an altchain because they could just as easily spend 1/5th of that and profit from it like crazy by hoarding the currency as you mine it, thereby constricting supply.
Gavin and Coblee both have the ability to "lock" a chain which isnt that far from them being trusted nodes.
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