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Can someone tell me where my decentralized/blockchain theory breaks?

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Re: Can someone tell me where my decentralized/blockchain theory breaks?

#51

When you create counterfeit money, you damage people's trust in the money, which damages it's perceived value. You'd have to do it without doing catastrophic damage to the public trust, because then all you've stolen wouldn't have nay value. However, you could SHORT crypto currency and then do some damage it. Where would this logic break?

Shorting never damages anything, it's just a market adjustment mechanism.

Yes, it doesn't. Also isn't not what I wrote about.

Re: Can someone tell me where my decentralized/blockchain theory breaks?

#52
post #47
post #21

Earlier quoted context omitted.

> Large block supporters tend to think you only need a few full nodes to get immunity from these types of attacks How exactly do you see an attack on full nodes going down? I imagine the attack would occur on the mining side.. Also, if the mempool becomes more expensive to host than blocks on disk - would you still think small blocks are safer?

Hack the full nodes to modify their database. Or cut a business deal with the biggest full nodes (Coinbase, Bitmain, Shapeshift, But go, etc.) and decide to implement a rule much of the network opposes, like raising the block size (which consequentially makes a repeat attack easier in the future because fewer users will have the resources to run full nodes themselves)

> and decide to implement a rule much of the network opposes

And they'll immediately be blacklisted from the network..

Do people realize you can store the entire bitcoin chain for less than the cost of one transaction? The centralization narrative doesn't hold up.

Re: Can someone tell me where my decentralized/blockchain theory breaks?

#53
It doesn't break down everywhere. This is one of the reasons why BTC is leading the way even though there are a lot of other blockchains which are arguably "better". Being the first kid on the block has a lot of benefits since the mining power is sufficiently large and distributed that it's near impossible to have a 50% attack now, unless the miners stop mining or cooperate.

If you think about it, there are many improvements that could be made to basic networking protocols (TCP, IP, HTTP), but since the standards were set "in stone" so long ago, it is difficult to change now.

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