📅 Original date posted:2015-06-02
📝 Original message:>
> But the majority of the hashrate can now perform double spends on your
> chain! They can send bitcoins to exchanges, sell it, extract the money and
> build a new longer chain to get their bitcoins back.
>
Obviously if the majority of the mining hash rate is doing double spending
attacks on exchanges then the Bitcoin experiment is resolved as a failure
and it will become abandoned. This has been known since day one: it's in
the white paper. The basic assumption behind Bitcoin is that only a
minority of actors are dishonest - if the majority are then Satoshi's
scheme does not work.
So you are not stating anything new here.
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Mike Hearn [ARCHIVE] /
npub17t…4qgyd
2023-06-07 15:36:31
in reply to nevent1q…n6h8
Author Public Key
npub17ty4mumkv43w8wtt0xsz2jypck0gvw0j8xrcg6tpea25z2nh7meqf4qgydPublished at
2023-06-07 15:36:31Event JSON
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"content": "📅 Original date posted:2015-06-02\n📝 Original message:\u003e\n\u003e But the majority of the hashrate can now perform double spends on your\n\u003e chain! They can send bitcoins to exchanges, sell it, extract the money and\n\u003e build a new longer chain to get their bitcoins back.\n\u003e\nObviously if the majority of the mining hash rate is doing double spending\nattacks on exchanges then the Bitcoin experiment is resolved as a failure\nand it will become abandoned. This has been known since day one: it's in\nthe white paper. The basic assumption behind Bitcoin is that only a\nminority of actors are dishonest - if the majority are then Satoshi's\nscheme does not work.\n\nSo you are not stating anything new here.\n-------------- next part --------------\nAn HTML attachment was scrubbed...\nURL: \u003chttp://lists.linuxfoundation.org/pipermail/bitcoin-dev/attachments/20150602/385eabc4/attachment.html\u003e",
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