if 3/5 mining pools colluded for a 51% attack they would lose power within 10-30 minutes as miners would notice what is happening and leave the pools
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if 3/5 mining pools colluded for a 51% attack they would lose power within 10-30 minutes as miners would notice what is happening and leave the pools
Not really, because we saw this happen with Bitcoin when they wanted to force 1mb blocksize completely crippling the coin and all it did was cause a schism. Also who would even notice if this were to happen. Its normal for ETH to take several hours to do a single transactions on peak times.
An attack like this against a single person would probably not even be possible to prove. They would just think ETH is being a little worse than usually today. It would take weeks before it clicks "Hey wait a minute" lol
on the bitcoin 1mb fork this wasn't a 51% attack and was caused due to the limit on blocksize being lower than thought and unknown untill was tried.
Miners would notice this or more accurately what ever bots they use to manage would identify and i would imagine most have corrective actions readily programmed for such a scenario
i speak on bitcoin not ethereum big difference
Yeah it was, it was a massive propaganda campaign fueled by Blockstream to defend their ownership of Bitcoin. Don't you remember when Bitcoin was suddenly not money anymore? That was where the "store of value" meme began and it was insanely stupid. Bcash / Bitcoin cash was a massive disaster and it all stemmed from Blockstream having full control over Bitcoin and using that control to prevent larger blocks to be implemented on Bitcoin.
what are you talking about?
blockstream doesnt have full control of bitcoin
big blocks are stupid and uneeded
seems you've been hitting the roger ver koolaid a bit too hard
maybe try researching and learning yourself rather than listening to what your being told
Well, arguably big blocks are not good either. Feel like systems similar to Steem are superior anyway.
well big blocks are pointless there is no need as of yet and would only lead to blockchain bloat as users could spam blocks full of dust transactions which would slow and drive transaction cost higher than what happened in December with little recourse
this is currently being tested by someone with bitcoincash so soon we will know outcome of with filling big blocks on mining and transacting
what systems do you refer to?
Too me the debate is a moot point because the only coins I would back at this juncture anymore have 4 second transaction times. Which is usually node based. Once ETH goes full out with Casper and plasma I can see going that route. I believe LOOM follows a similar system.
I wont touch Bitcoin OR Bitcoin cash. Too slow expensive.