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ganwar | 8 years ago
Also, any attempt to kill one decentralized value system would prove to be a wasteful process in the long run since the cost to create another such system is disproportionately smaller than the cost to attack/destroy them.
tveita|8 years ago
As in changing the POW algorithm? That puts everyone at the same disadvantage - the attacker just has to keep outspending the legitimate miners, who will also have lost their mining power. If the miners make new ASICs, the attacker can do so as well, at presumably the same or lesser cost.
> the cost to create another such system is disproportionately smaller than the cost to attack/destroy them.
I think it's the opposite. The defenders have to keep mining power up all the time, and may have trouble coordinating on one system - the attacker only has to spend their power while they are attacking, and they can wait until any system gets popular until they mount the attack.
And if the attacker shows they're motivated and capable of outspending the defenders, they don't have to actually attack. The defenders will see that any attempt at mining is futile and never try. At least in game theory, in practice things aren't resolved that easily. :)
SkyMarshal|8 years ago
michaelchisari|8 years ago
That may be the quickest solution, but do you think it would be anywhere near quick enough?