On 10/21/2015 12:30 AM, Georgi Guninski wrote: > On Tue, Oct 20, 2015 at 07:32:46PM -0600, Mirimir wrote: >> 2015-10-20: https://www.bitcoincharts.com/charts/volumepie/ > > > I have very vague idea how bitcoin works. > > Isn't dishonest actor with enough resources danger to the integrity of > bitcoins?
Yes. But this is about block mining, not Bitcoin ownership. > According to this: > https://www.reddit.com/r/IAmA/comments/1nisdy/were_glenn_greenwald_and_janine_gibson_of_the/ccjh2mq > > --- > Nope. The way bitcoin is run requires 51% of "agreement" before you can > break the system. It would cost well into the hundreds of millions of > dollars to get that now, so the system is pretty safe. > ... > Minor correction, apparently it would be about $500 million to execute a > 51% attack - which is pretty huge. > --- > > The above was written two years ago, so the number is likely larger now. > > Later was claimed that such 51% attack will be rolled back. > > How is stuff rolled back in decentralized system of which >=51% is > dishonest? The system would fork. There would be chaos. Because payments would be unmade. People would need to sort it out.
