So I read every single word of the Steem White Paper - twice, and one part stuck out to me. I would like to get the input of those with more technical knowledge of Bitcoin/blockchain/cryptocurrency. Per the White Paper:
"Under Bitcoin an attacker with $10,000 dollars could disrupt service for an entire day by filling every single block."
First, is this math accurate? Second, why is no one doing this or at least going part way? I ask is because Roger Ver is considering selling his Bitcoins since the 1MB block size has become such an issue. For anyone unfamiliar with this, see the awesome interview done by @wadepaterson here: https://steemit.com/life/@wadepaterson/20-questions-with-roger-ver-exclusive-interview
Not my image
Roger isn’t the only one losing faith in Bitcoin over this. Mike Hearn, a Bitcoin Core Developer, sold all his coins and stepped down from the project at the beginning of the year. Take a look at his post on Medium: https://medium.com/@octskyward/the-resolution-of-the-bitcoin-experiment-dabb30201f7#.6nay9d1ns
If Bitcoin Jesus and Core Developers are selling their stash because the block size is such a problem, why doesn't someone with a huge vested interest in its success launch a small attack to prove a point? Early Bitcoin adopters are sitting on millions of dollars worth of Bitcoin and are clearly interested in its success - sacrificing a few thousand dollars by flooding the network with small transactions for a few hours seems like a small price to pay. Anyone think this is a viable idea to get the miners to support a hard fork to 8MB block sizes?