Can Dorian s. Nakamoto be able to destroy bitcoin in one sentence?steemCreated with Sketch.

in #bitcoin7 years ago

Let's say one day, satoshi nakamoto decides to destroy bitcoin. He can write a very simple smart contract on the block chain (assuming that bitcoin has this function), and the full contents of this doomsday contract are as follows:

"I, satoshi nakamoto, affirm that the people who dug out the 10000 block after this block will get all my bitcoins."

The deal is likely to collapse the entire bitcoin system. Deduce what will happen in the next three months.

1:A few minutes after the doomsday contract came out: no one realized what was so special about it, it was treated as a common contract, and it was soon recognized by the successor.

2:A few days after the end of the contract sent: message is spread to all over the world, because of the hearing also revealed he has more than 25% in real terms, by the way of the currency, media estimates this wealth at least tens of billions of dollars, in theory, everyone could dig through to become the world's richest man, mines became more.

3:After a few weeks each big mines anymore, calling for rational unity on the surface, don't make an arms race, actually in front of huge profits, the mine secretly in series, in preparation for the final gamble

4:The end of the contract after three months, the 10000th block on the horizon, there is no any progress, the main mine was consolidated into five or six super force union, but also loose coalition, is not monolithic either

5:The 10000 block appears.

6:Fortunately, the mine has acquired nearly infinite number of bitcoins, and the market is expecting it to cash in on a large chunk of it immediately.

7:Other mines have invested huge costs in the early stages, and a huge supply of supplies has made it unprofitable to dig in the future. They will unite, trying to ignore the blocks, bring forth new bifurcate, but in the new branch, also there will be a new super banker, so the COINS will quickly gives off a lot of split ends, each branch, not only to calculate power concentrated in the hands of a mine, and the currency is concentrated in the banker's hand, who all dare not to follow others, COINS community rapidly dividing.

8:The way to maintain unity may be to try to find a way to fix the doomsday contract, and the contracts that come after it will not be affected. But if this is the case, the untampering of the digital currency will be broken. This is a bad start, and in a network without a center, you can't figure out how to do it.

Discuss several issues:

1:As long as he can find a way to convince everyone that he is really going to perform the contract, even if bitcoin does not have a smart contract, the effect is the same.

2:Nakamoto has an incentive to do so. Because in his original vision, bitcoin was not mined, and each user had an average power. In this case, the doomsday contract simply transfers the wealth of satoshi nakamoto to another newcomer, and the new man is also his freedom. The rest of the users were neither powerless nor motivated to stop it. But in reality, there is no given in the hearing of the mine, both the power, and will have the ability to unite to change the rules of the game, this will lead to the great schism of COINS community have no consensus.

3:Benefit statement: do not fry money, do not do short, do not envy the people who make money, do not despise people who do not have bitcoin. I don't know one of them.

4:To discuss this thought experiment, we just want to explore the question: is digital currency really decentralized? How strong is this decentralization? When he originally designed the mining mechanism, he assumed that everyone was rational, but what if he was not rational himself?


That's just my personal opinion.

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