1. Exquisite Tweets from @LukeDashjr, @KpunToN00b, @Mastrangeloric, @wanderer_crypto, @spinte7, @moeTino, @cwombat2

    Crypto1ChanCollected by Crypto1Chan

    PSA: if someone has a full >50% hashrate for your cryptocurrency, there is NO NUMBER of blocks where confirmation is safe. Once you get beyond 50%, you can reverse an unlimited number of blocks!

    (What happened to BGold, CAN be done to BCH or maybe Bitcoin if Bitmain wants to...)

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    LukeDashjr

    Luke Dashjr

  2. So, what did Satoshi have to say about that in his whitepaper?

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    KpunToN00b

    Homer J

  3. It has a security assumption that mining is not centralised.

    In other words, centralised mining BREAKS the security assumptions of the whitepaper completely, and it is NOT intended to be secure under these conditions.

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    LukeDashjr

    Luke Dashjr

  4. It would make no sense for a miner anyway to hack the blockchain when arriving at more than 50%... He would loose to much skin in the game.

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    Mastrangeloric

    Ricardo Mastrangelo

  5. You assume he cares (governments and hackers compromising someone else's hardware don't) and doesn't have more to gain by compromising it (eg, shorting the target or promoting an altcoin).

    Bitcoin's security model was never meant to be "trust a single entity because X, Y, Z".

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    LukeDashjr

    Luke Dashjr

  6. Yes I do, and I assume as well that the more the blockchain grows and is distributed, the more difficult it becomes for gvt and hkrs to actually achieve 51%. Satoshi assumed the same in his Whitepaper.

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    Mastrangeloric

    Ricardo Mastrangelo

  7. So is there anything regular Joes ilke myself with my home laptop can do to help make network secure without relying on Bitmain being the 'with great power comes great responsibility' hero (not villain) or is it a bit too late for that and assumption was somewhat naive/flawed?

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    KpunToN00b

    Homer J

  8. Not with just a computer. You can buy miners from non-Bitmain (eg, @canaanio and/or @HalongMining) and/or support a PoW change to Bitcoin (but this requires consensus from the entire economy). Ideally, buy mining hardware that comes *prepared* for such a PoW change...

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    LukeDashjr

    Luke Dashjr

  9. Mastrangeloric

    Ricardo Mastrangelo

  10. Those are mining pools, not control of mining hardware, which has only gotten more and more centralised over the years.

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    LukeDashjr

    Luke Dashjr

  11. How can mining hardware be prepared? Any examples of this available?

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    wanderer_crypto

    CryptoWanderer

  12. 1/ The ASICs need to be made with a switch to do a SHA2 variant in addition to normal SHA2. The manufacturer would keep the details of their variant secret until consensus is reached for a PoW change.

    Reply Retweet Like

    LukeDashjr

    Luke Dashjr

    2/ At that time, all the non-malicious manufacturers (ie, sold widely) release information on their variant, and we make the new PoW algorithm be (for example) "either CanaanSHA2 OR HalongSHA2 OR ...".

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    LukeDashjr

    Luke Dashjr

    3/ Bitcoin developers have been recommending ASICs have such a switch/mode since 2012, but to date I'm not aware of any manufacturer that has publicly answered if they actually did so. It's trivial to add, so I would HOPE they all do...

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    LukeDashjr

    Luke Dashjr

  13. No but they control the work that's done by the miners. The pools are a bigger problem at the moment. There are 3 pools that (if they cooperate) can bring down the network.

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    spinte7

    Spinte

  14. There is 1 entity (Bitmain) that physically or legally controls a majority hashrate. That's a much worse problem. No cooperation needed even.

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    LukeDashjr

    Luke Dashjr

  15. Bitmain controls mining pools, every farm, owner of the hardware is independent and can choose to switch pools if they were getting closer to 50%+
    By every stakeholder protecting his interest, the whole network is secured

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    moeTino

    Mohammad

  16. False. Bitmain also controls most of the hardware directly.

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    LukeDashjr

    Luke Dashjr

  17. More info on this? Are you saying Bitmain can somehow point hardware they sold to individuals to whatever pool they want?

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    cwombat2

    Parebola

  18. No, I'm saying Bitmain has more hashrate themselves than everything they or anyone else has ever sold.

    Reply Retweet Like

    LukeDashjr

    Luke Dashjr

    For every miner you buy from Bitmain, you give them profits to put a couple more of the same online for themselves (but with ASICBoost enabled, so they get even more hashrate out of the same hardware than you can).

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    LukeDashjr

    Luke Dashjr