You're still not understanding the problem. You're suggesting that the economics of an attack don't make sense, and that was true pre-ordinals, where the size of the transaction is directly correlated to the financial transaction itself. In order to do such an attach, you'd have to buy more bitcoin, then the price would go up, then it would become prohibitively expensive to attack the network.
In the scenario I described above, it is not prohibitively expensive, in fact it is relatively cheap. All the government would have to do is decide is it worth the amount to have the desired outcome. Is it worth $250 million to shut down competition to the US dollar.
Stop being condescending for 2 seconds and take a moment to actually understand the problem. You cannot print more bitcoin, which made the attack previously infeasible. You can print dollars, and since the size of the transactions are now no longer correlated to the amount of bitcoin being sent, but can be arbitrarily inflated, that now opens up the possibility for a denial of service attack by flooding the blockchain with a bunch of bloated transaction for a very small number of bitcoins.
Tony 🥩 ⚡
npub1t7…wfy09
2023-02-05 21:47:07
in reply to nevent1q…sfhq
Author Public Key
npub1t7cqjx4wkuh2eh97n7e6vj0w8wy8q32v9tdeyagxfpyv3jwqm5wszwfy09Published at
2023-02-05 21:47:07Event JSON
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"content": "You're still not understanding the problem. You're suggesting that the economics of an attack don't make sense, and that was true pre-ordinals, where the size of the transaction is directly correlated to the financial transaction itself. In order to do such an attach, you'd have to buy more bitcoin, then the price would go up, then it would become prohibitively expensive to attack the network.\n\nIn the scenario I described above, it is not prohibitively expensive, in fact it is relatively cheap. All the government would have to do is decide is it worth the amount to have the desired outcome. Is it worth $250 million to shut down competition to the US dollar. \n\nStop being condescending for 2 seconds and take a moment to actually understand the problem. You cannot print more bitcoin, which made the attack previously infeasible. You can print dollars, and since the size of the transactions are now no longer correlated to the amount of bitcoin being sent, but can be arbitrarily inflated, that now opens up the possibility for a denial of service attack by flooding the blockchain with a bunch of bloated transaction for a very small number of bitcoins.",
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