/biz/ - Business & Finance

>>53856767
The problem is not the difficulty. Every bitcoiner makes the same reply. The problem is the relative difficulty to an attacker trying to perform a 51% attack. If the price of bitcoin stays the same, the cost of an attack keeps getting cut in half, and tons of cheap miners are getting dumped into the market. Even if the price of bitcoin doubled every halfening, then the reward of pulling off a 51% attack would then double.

In other words, you have a vault of gold, and the amount you pay the guard in gold gets about cut in half every year. Your protection fee is always decreasing relative to the value of the thing you're trying to protect. How long until you get robbed?

Monero's solution is to pay the guard a constant amount. As the supply increases, the inflation as a % of supply tends to zero.

This isn't even considering selfish mining attacks (https://eprint.iacr.org/2020/094.pdf)) which are the greater problem.

Read CryptoNote whitepaper. https://web.archive.org/web/20201028121818/https://cryptonote.org/whitepaper.pdf

I recently sold an IRC buddy an eGPU in exchange for some monero. Thinking of setting up a website for this kind of market (legal stuff, like computers, car parts, tools, etc.), would anyone be interested in this sort of thing?
It might work out with multisig-based escrow, but I am not sure if that is too complicated for the average joe.