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From: Mike Hearn <mike@plan99.net>
To: cipher anthem <cipher.anthem@gmx.com>
Cc: Bitcoin Dev <bitcoin-development@lists.sourceforge.net>
Subject: Re: [Bitcoin-development] Fwd: Block Size Increase Requirements‏
Date: Tue, 2 Jun 2015 13:26:54 +0200	[thread overview]
Message-ID: <CANEZrP3W97oqqHLMu2i3y6ogp5YPCJ_vhNHTcQ9zN8f4mLGqAg@mail.gmail.com> (raw)
In-Reply-To: <trinity-cecc9151-6544-43e0-a958-ac9e4d7699ff-1433243988016@3capp-mailcom-bs06>

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>
> But the majority of the hashrate can now perform double spends on your
> chain! They can send bitcoins to exchanges, sell it, extract the money and
> build a new longer chain to get their bitcoins back.
>
Obviously if the majority of the mining hash rate is doing double spending
attacks on exchanges then the Bitcoin experiment is resolved as a failure
and it will become abandoned. This has been known since day one: it's in
the white paper. The basic assumption behind Bitcoin is that only a
minority of actors are dishonest - if the majority are then Satoshi's
scheme does not work.

So you are not stating anything new here.

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  reply	other threads:[~2015-06-02 11:27 UTC|newest]

Thread overview: 3+ messages / expand[flat|nested]  mbox.gz  Atom feed  top
2015-06-02 11:19 [Bitcoin-development] Fwd: Block Size Increase Requirements‏ cipher anthem
2015-06-02 11:26 ` Mike Hearn [this message]
2015-06-02 11:43   ` Nathan Cook

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