On 10/21/2015 12:30 AM, Georgi Guninski wrote:
On Tue, Oct 20, 2015 at 07:32:46PM -0600, Mirimir wrote:
2015-10-20: https://www.bitcoincharts.com/charts/volumepie/
I have very vague idea how bitcoin works.
Isn't dishonest actor with enough resources danger to the integrity of bitcoins?
Yes. But this is about block mining, not Bitcoin ownership.
According to this: https://www.reddit.com/r/IAmA/comments/1nisdy/were_glenn_greenwald_and_janin...
--- Nope. The way bitcoin is run requires 51% of "agreement" before you can break the system. It would cost well into the hundreds of millions of dollars to get that now, so the system is pretty safe. ... Minor correction, apparently it would be about $500 million to execute a 51% attack - which is pretty huge. ---
The above was written two years ago, so the number is likely larger now.
Later was claimed that such 51% attack will be rolled back.
How is stuff rolled back in decentralized system of which >=51% is dishonest?
The system would fork. There would be chaos. Because payments would be unmade. People would need to sort it out.