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RE: Crypto Crash... And Vitalik Buterin Death Hoax Brings To Light Risks In Ethereum

in #ethereum7 years ago

If more than 50% is owned by one party (banks / governments), is there a way for us to know that? Since addresses are anonymous, I think they can get a majority without anyone noticing, and raise the inflation for example to proceed doing there central banking. This can be seen by the public as a decentralized and democratic decision if they say via the press that it is done to make the use of the network less expensive. Nobody will think of a hard fork in this situation

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You don't need to know who the attacker is. It doesn't really matter who it is, the coin and value of the coin would be severely jeopardized regardless and so the community I think would easily agree to pass a hardfork deleting the attacker's currency.

Could the government convince everyone to willingly give up control of the currency to them? I kinda doubt it, but that's not a fault of PoS if they could. They could take over the crytpoeconomy regardless of the consensus mechanism in such a case.