Well said Alberto! The information is in this reply is important and valuable. This reply addresses multiple common misunderstandings. Seems like these thoughts deserve to be in one of your articles.

Almost complete agreement -except the idea that a 51 % attack requires:

"Convince all the miners to attack themselves and destroy the network and all the value in it. Not going to happen."

There are 3 important errors in that one statement.

1. A 51% attack does not require all the miners. Only 51% of the hash rate. We have 1000's of individual bitcoin miners. Unfortunately, a 51% majority of the network hash power is controlled by less than 1 dozen Bitcoin mining corporations. It is likely that 8 mining companies control over 51% of the Bitcoin hash rate.

2. The coming 51% control of Bitcoin will be over whether or not to accept 'reasonable' regulation of mining by the government. It will not be reported in the media as an attack and it WILL NOT DESTROY the network or its market value. Regulation will merely destroy the independence that makes Bitcoin most valuable to those who understand it.

3. It is going to happen. I can say that with confidence because honest money is anathema to dishonest government. We have extremely corrupt persons directing the policies of the government. They are opposed in their core (spiritually opposed) to an honest monetary system. A51% attack is the only way we know of to control Bitcoin and governments have been studying how to do them for a long time.

I fully support the ideas and principles of money that make Bitcoin an excellent monetary system. Those ideas will live on and be brought forth again in a similar yet more powerful form. The point is a fight is coming to Bitcoin. We can help each other by recognizing it when it arrives.

--

--

Voluntarist, Agorist, not Pacifist. Don’t Tread on Anyone. Rely on Hard Assets, Hard Principles, and Hard People

Love podcasts or audiobooks? Learn on the go with our new app.

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store
Davido Davido

Davido Davido

Voluntarist, Agorist, not Pacifist. Don’t Tread on Anyone. Rely on Hard Assets, Hard Principles, and Hard People

More from Medium

Do You Really Need to Take the SAT?

Ron Paul Rant

Russia Vetoes UN Resolution Condemning Itself . . . are You Surprised?

Russia’s invasion of Ukraine has not affected cryptocurrency markets, says Coinbase — WITHCRYPTO