Viewing profile — michaniskin

> Bitcoin is considered anti-fragile for a reason, it gets stronger as it gets attacked. Please explain how bitcoin gets stronger when the Fed successfully deploys a 51% attack on …

> Proof of work failing does not equal Bitcoin failing. Ok, so what would equal bitcoin failing? Or is bitcoin just defined to be a success a priori? > There are many methods of re…

How are they not winning? They have repeatedly exceeded even the most paranoid fears of people who value sound money. They are increasing the scope and magnitude of their intervent…

Ok, assume I can make this 51% attack on bitcoin. I will then mine blocks all day, and I won't let anyone else make transactions on the blockchain. Now consider that any investor w…

They don't need to compete with a thing they can destroy. And they can destroy bitcoin with a 51% attack that is funded by their ability to print as much fiat as it takes.

> How long can the fed fight a few hundred million (soon to be few billion) people? The same way sovereigns have since the dawn of time--divide and conquer. In the 20th century the…

Running a 51% attack is not rocket science. It doesn't involve inventing anything new. When they can print the money to fund it it doesn't even require a business plan. All they ne…

> funding is not an issue for projects that solve the issues Bitcoin does Funding is far less of an issue for an attacker who has a printing press, and it's the relative level of f…

> That is irrelevant because the main point is, the attack will be unsuccessful. Is your claim here that the Fed cannot afford to buy the 51% attack? Keep in mind that they printed…

Also consider that the price of crypto is determined by people's expectations of future price; since it pays no dividends the only way to make a return is to sell it or rent it out…

Oh, I think i didn't understand your comment, sorry. In the scenario laid out by the article the Fed runs the same software as any other miner, they simply ignore transactions that…

The Fed is (nominally at least) a private institution. They are not hobbled by government bureaucracy. Just look at all the things they did in 2020 that everyone would have imagine…

This "perpetually moving target" will need funding to operate. The Fed will always be able to afford to lose more money than the private sectors can afford to lose. Remember that t…

OK, now you're talking about inventing a new altcoin that introduces censorship, governance, and control. This has already been done a number of times, and they all failed. Bitcoin…

What prevents the Fed from operating as many nodes as they need to overrule the "honest" node operators?

But that's just turtles all the way down. The Fed can mine that forked chain even more easily than the original one. When one actor has a money printer they can use the permissionl…

Exactly. Also the carrot is far more effective and palatable to citizens than the stick. The US government could deploy the attack described in the article under the guise of a sti…

The point TFA is making is that the US government can force holders of bitcoin to sell their bitcoins to the government. And, importantly, they can do it via the Fed (which is nomi…

Miners would not be "colluding", they would be given the choice to sell their business to the Fed and walk away with a nice bundle of money printer fiat, or try to keep mining at a…

A 51% attack is not just cheap, it's FREE when you have a money printer in your basement. This is the point that is hard for people to wrap their heads around. I find this ironic g…

Did you RTFA? It's like 20 lines of text, that's exactly what it explains. Any entity with the ability to print money can simply buy a dominating share of the hash power and force …

Simple: 1. Destroying bitcoin as a free market network would put the final nail in the coffin of crypto as an alternative to fiat. 2. They would have no obligation to buy bitcoin f…

Yes, you’re right about the show of hands. This is why the preservation of individual liberty is such a fundamental part of living in a just society. If people want to isolate or b…

> Tulsa has run out of ICU beds. So now we're in agreement. The sky is not falling, and Tulsa may have a local logistical challenge. Nothing to see here. > Because they know their …