As hash rates go down, the security of the system weakens. The possibility of a 51% attack increases with less hash rate. I dont think it is a major concern since Bitcoin is still pretty heavily mined.
You are right, there will be a burst in hash rate as the miners end up at their destinations. It will take a few weeks to move them across the world.
Posted Using LeoFinance Beta
Wouldn't the Bitcoin community just create a hard fork when a 51% attack becomes successful? 🤔
It could. The problem is then you are dealing with a new chain. Might not make a difference to many but it could.
I dont think BTC can be 51% attacked too easily. There is still a lot of hashrate out there. As I said elsewhere, I will give it a month or so and think it will be back up again.
Posted Using LeoFinance Beta
Having a hard fork should indeed be a last resort. 🤔 I also don't want Hive to have a hard fork, but there might come a time it needs to be done. 😮
I just saw the hashrate is still above where it was even six months ago so...no real concerns on security at this point.
Posted Using LeoFinance Beta
Well, I like the fact that bitcoin is been tested and it remains solid. Those who doubt its utility would certainly think otherwise now--i think.
Posted Using LeoFinance Beta
Bitcoin certainly has been tested. For 12 years, everything was thrown at it and it still keeps going. So I think it will be just fine.
Posted Using LeoFinance Beta