/biz/ - Business & Finance

Can't the individual miners who make up the pool just switch pools to balance it out?

>>53713090
it doesnt work like that, mutts have been buying all the miners that chinks sold for pennys, cuz china bad, mutts good.

>51%
Lmao btc maxis really do be that stupid

>>53713195
>be nigger
>shit the board

>>53713105
Actually it does. It happened back in 2017. It's called gametheory works, and also the moment a 51% attack happens, everyone who has bitcoins loses their value.

>>53713105
god I hate those obese muttoids so fucking much it's unreal, hopefully the rest of the world gets more competitive when it comes to crypto mining regulations so we can actually get decentralisation

>>53713271
implying they don't own the miners

bump because niggers

>>53713308
Not sure what you're implying here. Bitcoin was built on an algorithm which cannot be altered by anyone. It takes several minutes (at least) to change the chain with the old version and then hours or days (more likely months) to mine a new one. So unless China just owns a bunch of ASICs capable of changing every single block within a second, there is absolutely nothing stopping anyone from keeping their money.

>>53713078
oh no, a regulated unscalable centralized shitcoin will go to zero oh the horror

>>53713078
>perform a 51% attack
you don't know what a double spend is, do you?
LMAO
explain to us what do you think a 51% attack is, I want to laugh

please don't flee OP
explain to us what a 51% attack is
please

oh no
OP is gone

>>53713078
Why owns Foundry?

>>53713195
Foundry is a pool, they don't own the miners you mong

>Third of the hash rate
>51% attack
>>53714025
>>53714045
>>53714061
Fucking kek at these posts

>>53714341
LMAO COPE
BARTSIMPSONINCLASSMEME.JPG

>>53714341
>they don't own the miners
They make the blocks and that's all that matters

>>53713078
>control 51% of the hashrate
>attack your own investment
>do anything other than mine 51% of blocks

>>53714491
No, they don't. It's a fucking pool. Foundry doesn't own or control the miners who participate in the pool. Unlike Ethereum validators like Lido, where you give up custody of your Ethereum and Lido controls the node.

>>53713078
>51% attack
>BTC instantly loses all credibility and value

>>53714276
Qui?

>>53713078
Hahaha remember when china got fudded out of Bitcoin?? Fucking morons.

>>53713274
Sorry but USA is the best nation in history. We will export our obesity to your country, and then we will get skinny and fit again. We will always lead and you will always follow.

>>53714527
>attack
>attack
>attack
>attack
>attack
>attack


????????????????????????????
so who are they going to double spend?
explain exactly lmao
this is what it's making me laugh so hard

OP doesn't know what a 51% attack is
yet he made a thread about it

>>53713078
I registered a few weeks ago on localbitcoins, just to see it die. So, what is your p2p alternative?

>>53713090
If a pool decides to start an attack they will do all they can to increase their hashrate and lower the hashrate of the rest of the network. They will temporarily bribe miners to mine on their pool by paying more than block rewards. Self interested and economically motivated miners (most hashrate) will take this deal while Bitcoin supporters will try to discourage this. They'll look for pools to collude with before and after the attack. As they have all the control of building the chain, they will decline every other miners' and pools' blocks. Because all rewards go to the attacker's pool it's not economically viable to keep a miner on if it's not connected to the attacker's pool. This increases their share of the hashrate and sustaining the attack becomes easier and bribing can be reduced. Bitcoin is now dead and lost all of its credibility. Talks of a fork with a snapshot before the attack will be discussed but a single clear agreement won't happen. Maxis will argue "code is law" and stay on the old broken chain.
This is how I see the attack happening, I don't think it's coming yet because miners/pools don't want to kill their still profitable industry. But every halving the incentive to attack rises, and it rises exponentially ~doubling every 4 years. Eventually the instant money of an attack vs. long term money of mining will be greater and the incentive to attack will be there. We could even see failed attacks before a successful one.

it really shows how altmaxis get stuck on dead alts for so long when they don't even understand how the smiplest, purest system of security, bitcoin's proof of work, actually works.
and they think they have the capability to find "gems" in dead alts.

>>53716462
case in point

>>53716462
nahhh

>spend billions of dollars in gear and electricity bills
>do a double-spend
>the whole btc community does a soft fork and lets you mine your shit chain
it's totally not worth fucking with the network to do a double-spend

>>53716524
What is factually wrong in my post? I understand Bitcoin consensus fairly well.
>>53716538
The uncomfortable truth. Nu-Bitcoiners prefer burying their heads in sand and yell at altcoiners, not focusing on Bitcoin at all.
>>53716553
>not worth
Yet. Wait a few halvings.
>does a soft fork
You can't soft fork out of a PoW attack, only hardfork by changing the mining algo.

>>53714876
Sorry to inform you brownoid creatures but no one gives a shit about what the US thinks or does anymore, it's an irrelevant land of obese brownoid mutts

>>53716608
>>53713274
Chinese had many years to completely take over btc mining and their market dominance was starting to snowball really hard. Unfortunately Winnie the pooh took a dump on that plan by banning bitcoin in China. If they couldn't pull it off with such a big timeframe and by having direct access to the asic manufacturers, what that means is that no one country will ever have majority. Bitcoin has been around for many years now and too many nations are interested in it now. The only thing that can really cause a country to gain majority now is a depression that shakes out the individuals and the new mining companies by forcing them to stop mining and sell off. The big mining companies will look at this scoop up cheap hardware and it will become a rich get richer, poor get poorer situation . Even so there are already a few really big btc mining companies and it would take a total collapse of all but one to have this playout .

>>53713274
>If only my government would let me compete with America where their government is notoriously retarded
Why are you like this?

>>53714045
kys

51% attack is basically democracy.
That's why it doesn't work

>>53716462
Let's just ddos the hostile miners

>>53718733
That's a great solution! We can *just* DDoS the attackers, duh. Why hasn't anyone think of this?!?!

>>53713078
I like these threads because it shows just how much critics of BTC don't understand it nor anything crypto related

>>53717105
LMAO OP YOU'RE HERE
TELL US IN YOUR INDIAN ENGLISH WHAT EXACTLY IS FOUNDRY GOING TO DO THEIR DOUBLE SPEND ON
GO

>>53716462
>They'll look for pools to collude with before and after the attack
>attack
>ATTACK
>A T T A C K
maybe the "51% attack" name is confusing your indian minds

tell us exactly
who is foundry going to perform their double spend on

go

>>53716588
>You can't soft fork out of a PoW attack, only hardfork by changing the mining algo
??????????????????????????????????????????????????????????????????????????????????????????
lmao

>indians still don't understand what a double spend is
>indians still don't know what "mining" and "staking" achieves
>the polygon indians and the turkish roaches from avalanche also didn't know how blockchains worked despite having billions worth of MC on their projects
hilarity at 500%
I love this timeline

>>53723295
>going to perform their double spend on
They wouldn't even have to double spend. Just censor all txs (mine empty blocks) and have massive leveraged shorts open on BTC.
>ATTACK
Yes? How isn't a 51% attack an attack? Please explain.
>>53723318
>???????????????????????????????????
Tell me then how a PoW chain recovers from a 51% attack with a soft fork. Waiting and wishing for the attacker to stop is the only option aside hardforking.
You give zero arguments in your shitposts.