[silk] Bitcoin

[Alaric Snell-Pym]

On 05/17/11 17:01, Srini RamaKrishnan wrote:
> On Tue, May 17, 2011 at 1:09 PM, Alaric Snell-Pym
> <alaric at snell-pym.org.uk> wrote:
>> Currently, the bitcoin network produces about 1.5 trillion hashes per
>> second, total. So somebody managing a billion a second, in a mining
>> pool, earns about a 1500th of the total "income" of new bitcoin - 50
>> every ten minutes...
>
> Wait, it doesn't work like this?
>
> http://xkcd.com/538/
>

Alas no! The design of the system is all about global consensus - more
than 50% of the hashing capacity needs to agree for stuff to happen.
There's nobody to whack with a wrench - it'd cost more to go and whack
each pimply nerd with a basement full of computers than to just buy more
computers ;-)

ABS

--
Alaric Snell-Pym
http://www.snell-pym.org.uk/alaric/

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