Author Topic: The Inevitable Consensus Attack on Bitcoin  (Read 3 times)

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The Inevitable Consensus Attack on Bitcoin
« on: August 14, 2019, 03:58:32 AM »
1.Bitcoin's vaule is base on consensus.
2.Consensus is reached by all bitcoiners.
3.Mass adoption means so many average Joes will be new bitcoiners in the future.
4.Average Joes are unable,not willing to store and operate their own private keys.They don't even want to learn in the first place.
5.Govts would also educate them that storing your BTC in exchange with some sort of bitlicense is very same as storing BTC all by yourself.
6.That sounds like govt never print fiat more than needed.(Oh they can definately educate people what is need . Deos proper inflaton rate is necessary for good econemy ring a bell?)
7.When most average Joes put BTC in centralised and regulated institutions, govt got the space to manipulate or I'd say tame.
8.At last, new consensus would be built (when average Joes become majority among bitcoiners) that paper BTC in legal exchange is the same as BTC on chain. This consensus would break the 21 million limit so easily without a single line modified in code.(Maybe I should say it already happened since quite a few bitcoiners have chosen the convient way of putting BTC in exchanges.)
9.That is how the god damn govts tamed gold in the past. I don't want this shit happen again on Bitcoin.
10.But since we live on this miserable world, everything we don't want would happen eventually.

How to repel this attack?

BTW:I always think the idea of govts seizing most mining machines then launching 51% attack is so f*cking stupid. Why would they play swords against you when they have an armory consisting from guns to ICBMs at hand?