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2362 sats \ 8 replies \ @1fatmess 25 Dec 2022 \ on: Pseudocode for robust tail emission bitcoin
CHRISTMAS HERESY
since when keeping the network secure is heresy...
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Security is provided by private keys and has nothing to do with hash rate
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And now imagine Bitcoin network is running by single Antminer (technically possible) - and claim Bitcoin is still secure because it has nothing to do with hash rate, LOL
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Yes good point, I'm imagining it.
This single miner network would still be secure - the miner would not be able to steal my Bitcoin using fake transactions. My Bitcoin would be secure. Also the miner would be able to change the consensus rules of my node.
It would be crazy hard getting any transactions into a block though. Why?
Because people would strike a deal under the counter with this miner to have their tx included in a block. The black market for fees would be mind bogglingly huge. You might see a second miner come online to take a cut of that...
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This single miner network would still be secure.
No comment (I could do a 51% attack, then)
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Still wouldn't be able to steal my UTXOs