All good points
They'd also have to acquire OVER 51% of the entire supply in order to pull it off
As you say: extremely unlikely, especially considering that 2%-4% yields is too low to risk it just for that.
It seems like a very good solution for now but we need to keep tabs on how things evolve.
It's a better solution than Hive for sure, as yields on Hive are much higher and the timelock is shorter.
I look forward to seeing what Koinos devs can build with the smart contracts.
Pretty exciting stuff.
You’re absolutely right. It’s a good start, not a cure. It’s a “mitigation” which is a word I really like. We rarely say we’ve solved a problem, just that we’ve “mitigated” it which basically means “reduced the odds that the negative scenario will result.” Especially in decentralized networks it’s almost never the case that any event is “impossible” because a 51% attack is always theoretically possible and then all bets are off. Good software engineering is really about compounding mitigations until the probability of the negative outcome comes as close to zero as the user is comfortable with given the capital constraints.
Really enjoyed your post. Appreciate your self-awareness and open-mindedness.
My love of the word mitigation unsurprisingly began in reference to MMORPG tanking.
Although I must admit it is far more applicable to robust decentralized systems.