Let’s change PoW so that anyone with moderate amount of capital can attack us, sounds like a great idea! Both cpu and gpu minable chains would be an easy target at this point when the economic target is as big and hated? as BTC. You sit here and worry about BU miners trying to kill a minority chain in case of a fork and want to trade that for gpu miners (who many are heavily invested into alt coins) and/or bot net owners. I guess the BU miners wouldn’t mind since they would win by default when the core chain self destructs on a new PoW.
If you want some tinfoil this is how I would take over BTC on a budget and couldn’t just 51% the current network due to my inability/unwillingness to spend the needed funds.
– Get cosy with lead devs.
– Push for PoW change to something supposedly ASIC resistant.
– Develop ASIC solution in advance for when switch happens (can be on shit node and somewhat low cost, use mining profits to jump to bleeding edge asap later) This would cost a fraction of what building hardware to try and take over current network by building hardware (more than factor of 10-20x).
– Easily keep CPU/GPU miners at bay due to them being unprofitable, doesn’t even make it apparent anything strange is going on (someone just have cheaper power and more cards duh!)
– Reap majority of all block rewards.
– Stay cosy with the devs and push for any and all changes you want to do, congrats you now own the network without anyone the wiser.
– Even if competition starts developing their own ASICs its something that takes months to get working hardware out of.
Published at Sun, 19 Mar 2017 22:06:06 +0000
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