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Topic: Goverment can literally destroy bitcoin whenever they want - page 3. (Read 717 times)

legendary
Activity: 1512
Merit: 7340
Farewell, Leo
Do you believe that goverments can control it?

Yes. They have a plan.

Keep the Bitcoin block size at 1 MB and move the bulk of transactions to LN node operators who instead of cryptographically proving transactions are exposed to regulatory KYC/AML oversight as custodians of user's funds.



I was watching one of your threads recently. Well... I don't understand you very much. What's KYC/AML and who will move the bulk of TX to LN node operators?
legendary
Activity: 2506
Merit: 1030
Twitter @realmicroguy
Do you believe that goverments can control it?

Yes. They have a plan.

Keep the Bitcoin block size at 1 MB and move the bulk of transactions to LN node operators who instead of cryptographically proving transactions are exposed to regulatory KYC/AML oversight as custodians and transmitters of user's funds.

sr. member
Activity: 1568
Merit: 321
★777Coin.com★ Fun BTC Casino!
I would like to talk in this thread about the 51% attack and correct me if I'm wrong below.

So let's assume that I have the 51% control of the network. I made a transaction that has been confirmed only 1 time and the last block is 1000.
My transaction will be inside the 999th block. What exactly I have to do in order to reverse that transaction? Rebuild the blockchain? Or building again the 999th block, then again the 1000th block and then I'll have to be the first that mines the 1001st block?

But even if it's too expensive and too unprofitable it's still possible. And I know that none of us would want that, because of the loss of fortunes (bitcoin price would drop). Some goverments tho, would want to destroy the bitcoin network and of course they can easily afford it.

Thoughts? Do you believe that goverments can control it? And please correct me if I'm wrong about the 51% attack, because I haven't fully understood it.

They can try! But we had a chance to experience very recently (actually a few months ago) what communities might have happened when they opposed authority. When Justin tried to take Sun Steem under his auspices, the community uncovered HIVE. So, as you said, they can try to do something using state power. But the community will always have an answer!
hero member
Activity: 3136
Merit: 591
Leading Crypto Sports Betting & Casino Platform
It has to be an expensive attack so if officials in the government can see the benefit of doing it and are willing to spend that much, we don't know if they can afford to spend that much.
There's more other things that they can point focus to spend that amount with their projects than use it with an attack to bitcoin's network.
hero member
Activity: 2814
Merit: 911
Have Fun )@@( Stay Safe
But even if it's too expensive and too unprofitable it's still possible. And I know that none of us would want that, because of the loss of fortunes (bitcoin price would drop). Some goverments tho, would want to destroy the bitcoin network and of course they can easily afford it.

Thoughts? Do you believe that goverments can control it? And please correct me if I'm wrong about the 51% attack, because I haven't fully understood it.
If you are willing to spend $24 millions per day with the additional cost of ASIC you can try to destroy the network, then what happens, what is the final outcome by spending billions to destroy a network and a government cannot spent tax payers money to carry on an attack on a financial sector.

It was possible for a government or anyone when Satoshi released the first software back in 2009 and in the initial years even Satoshi did not want unwanted exposure until everything is tested and bugs are identified.

So the answer is no, no government will spent billions nor millions to destroy the BTCitcoin network.

If you want to know about the 51% attack in different crypto network, here is a site crypto51
legendary
Activity: 1512
Merit: 7340
Farewell, Leo
I would like to talk in this thread about the 51% attack and correct me if I'm wrong below.

So let's assume that I have the 51% control of the network. I made a transaction that has been confirmed only 1 time and the last block is 1000.
My transaction will be inside the 999th block. What exactly I have to do in order to reverse that transaction? Rebuild the blockchain? Or building again the 999th block, then again the 1000th block and then I'll have to be the first that mines the 1001st block?

But even if it's too expensive and too unprofitable it's still possible. And I know that none of us would want that, because of the loss of fortunes (bitcoin price would drop). Some goverments tho, would want to destroy the bitcoin network and of course they can easily afford it.

Thoughts? Do you believe that goverments can control it? And please correct me if I'm wrong about the 51% attack, because I haven't fully understood it.
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