Looking for credible counterarguments to a unique take on how state sized bad actors could break Bitcoin’s security model with minimal cost (N.B. I do not believe this is the case!)
https://ift.tt/3qcszfK
Hi there fellow Bitcoiners!
In my recent dive down the rabbit hole I stumbled across [this critical article](https://ift.tt/3Fuy0gqbitcoin-vs-the-state-60243a4d4437) which in summary attempts to articulate that a nation-state sized adversarial threat could successfully attack the bitcoin network by firstly joining the network as an ally, running ASICS on a (small) deficit to price out competitors and accumulate majority share of the hash rate over time before committing the usual 51% attack methods (Transaction censorship, denial of service etc).
I feel as though this is a broken argument that can only exist in a vacuum which excludes some of Bitcoin’s technological and economical defence mechanisms, but would love to hear your thoughts?
*EDIT: Please don’t downvote simply because you disagree with the article. I disagree as well – but would prefer to have a constructive, well thought discussion about why this could not be a credible attack vector as opposed to just burying the thread. Thanks.*
Cryptocurrency
