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685 points jclarkcom | 3 comments | | HN request time: 0.001s | source
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chaps ◴[] No.45948347[source]
Once did some programming/networking work for a company that did the networking of a office sharing building that Coinbase was running out of. Early in my work there I noticed that the company had its admin passwords written on a whiteboard -- visible from the hallway because they had glass for walls. So I sent them an email to ask that they remove it (I billed them for it).

Their fix was to put a piece of paper over the passwords.

What a time.

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650REDHAIR ◴[] No.45948413[source]
This doesn’t surprise me at all.

Bitcoin, and really fintech as a whole, are beyond reckless.

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KetoManx64 ◴[] No.45948453[source]
Bitcoin is a crypto-currency/blockchain. Coinbase is a corporation that allows users to buy/trade crypto-currencies.

With Bitcoin you do not get government bailouts like what happened with the beyond reckless banks in 2008.

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arcanemachiner ◴[] No.45948733[source]
> With Bitcoin you do not get government bailouts like what happened during the beyond reckless banks in 2008

It is not beyond imagination that the most popular Bitcoin blockchain (and thus, the label of being the "real" Bitcoin) could change at some point in the future.

"Bitcoin" is not immune from the implications of political fuckery.

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adastra22 ◴[] No.45948755[source]
By what mechanism? The whole point of bitcoin is that you can’t force a consensus change. This is enforced by the algorithm and the laws of thermodynamics.
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arcanemachiner ◴[] No.45949090[source]
If, for whatever reason, all the mining power switches to the other chain, it will become the de facto "Bitcoin".

I don't know what the specific mechanism would be, but I would bet that it relates to the billions of dollars backing the current ecosystem, and the interests of the people behind them. If the right event or crisis comes along, then people could be compelled to switch over to something else.

I'm sure there's someone out there still mining blocks on that chain with the exploit from 2010, but that's not where the mining power is. If the right series of events occurs, the miners will switch.

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wat10000 ◴[] No.45949771{3}[source]
If literally 100% of miners switched, leaving zero on the original chain, then people will have no choice since it won’t do any more transactions.

But if, say, a mere 99% of miners switch, it’s far from a given that people would follow. Having more mining capacity makes the chain more secure, but it’s not that big of a deal.

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1. andirk ◴[] No.45958256{4}[source]
And anyone can become a miner. It's not reasonable on small rigs because there are so many miners now, but if most of them leave, then the common man can get back in to mining.
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2. wat10000 ◴[] No.45961211[source]
There is an interesting failure mode, though. Bitcoin is supposed to adjust mining difficult every two weeks to maintain the pace of roughly one block every 10 minutes. But that interval is based on block count, not time. Adjustment happens every 2016 blocks.

If miners suddenly fled en masse, it’s possible for the chain to be left stranded where the small number of miners remaining couldn’t realistically get to the next 2016-block interval to adjust the difficulty down to match the drastically decreased mining capacity. If mining capacity dropped by a factor of 1000 and it happened right after an adjustment, then bitcoin would be producing about one block every week, and it would take about 40 years (if mining capacity stayed constant) to reach the next adjustment.

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3. adastra22 ◴[] No.45961348[source]
This is well known and studied. I’ve produced and field tested an alternative, close to optimal adjustment algorithm and the code for a soft-fork transition. This could enable a set of miners to get “pre-agreement” on transaction ordering in an out of band forward block chain while they work to fight down the difficulty of the old chain.

https://freico.in/forward-blocks-scalingbitcoin-paper.pdf