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The organization that administers the centralized ledger could be bribed with a value greater than the transaction amounts. One could say "yes, but regulators..
by DoctorBit 12y ago
The organization that administers the centralized ledger could be bribed with a value greater than the transaction amounts. One could say "yes, but regulators..." - then one has to add the cost of the regulators, courts, jails, etc... It would be interesting if it turned out that the technical cost of a safe bitcoin network was the same as the human cost for a centralized network. I'm going to think about this some more.
- wsxcde 12y agoNo, there's a big difference between your bribing experiment and the thought-experiment I described. The value 7 * 1.01 is the amount it costs me to conduct the attack. I don't need anybody to collude with me. The bribe is an unknown quantity that has to be greater than the revenue the operators of the centralized ledger forgo when they decide to collude with me and attack their other users. The equivalent to the bribing the centralized ledger would be me trying to bribe the top 5 or so pools to conduct a 51% attack on my behalf. This is obviously going to cost me a lot of money because the pools have little interest in becoming accomplices in my criminal conspiracy.