How A Bigger Blockchain Is Less Secure And Why Block Size Ain’t Gonna Increase Any Time Soon
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How A Bigger Blockchain Is Less Secure And Why Block Size Ain’t Gonna Increase Any Time Soon
By Pete Dushenski
Posted October 7, 2014
Just last night, our good friends over at Qntra posted Gavin Andresen Proposes Scalability Roadmap and Hardfork. I enjoyed the article and took it upon myself to call out Teh Lead Derp of Teh Bitcoin Fundation scammers on my second favouritei channel for doing so, Twitter:
https://twitter.com/pete_d/status/519364709451968512
When Andresen finally rolled out of bed and read his Notifications this morning, he chimed in on the comments section of Qntra’s article, saying:
- This blog is #1.↩
- While there are various types of possible attacks, the most significant is the “51% attack,” wherein a pool of mining power gains the ability to double-spend bitcoins.↩
- Or just look at the size of the base of the Burj Khalifa vs. your average 15-story apartment building.↩
- And nearly triple what it was a year ago.↩
- And it’s one that further affirms the need to keep blocks small.↩