s7r
2014-09-13 13:15:51 UTC
Hi there,
I have an contradictory discussion with an altcoin supporter and want
to bring some solid arguments in a public talk, so require little help
to respond to a question with simplest answer.
The problem is within the difficulty adjustment mechanism, that it
happens at every 2016 blocks. In case the hash power will suddenly
decrease, the 2016 blocks will take a lot of time to solve, therefor
freeze the network in a non-operational way. I know by far this is
just a joke, because this is very unlikely to happen anytime (people
paid for mining equipment and make money) but for the sake of
discussion, let's just assume it 'could' happen.
Can this really freeze the network for unlimited time and bitcoin has
no mechanism to balance it back? A resourceful party with the intent
to attack the network in an irrational way, brings lot of hashing
power and keeps it for 2016 blocks, then removes it leaving the other
2016 blocks to solve at very high difficulty but with low hash power
in the network causing a 'blackout'? Thank you in advance for your
answers.
- --
s7r
PGP Fingerprint: 7C36 9232 5ABD FB0B 3021 03F1 837F A52C 8126 5B11
I have an contradictory discussion with an altcoin supporter and want
to bring some solid arguments in a public talk, so require little help
to respond to a question with simplest answer.
The problem is within the difficulty adjustment mechanism, that it
happens at every 2016 blocks. In case the hash power will suddenly
decrease, the 2016 blocks will take a lot of time to solve, therefor
freeze the network in a non-operational way. I know by far this is
just a joke, because this is very unlikely to happen anytime (people
paid for mining equipment and make money) but for the sake of
discussion, let's just assume it 'could' happen.
Can this really freeze the network for unlimited time and bitcoin has
no mechanism to balance it back? A resourceful party with the intent
to attack the network in an irrational way, brings lot of hashing
power and keeps it for 2016 blocks, then removes it leaving the other
2016 blocks to solve at very high difficulty but with low hash power
in the network causing a 'blackout'? Thank you in advance for your
answers.
- --
s7r
PGP Fingerprint: 7C36 9232 5ABD FB0B 3021 03F1 837F A52C 8126 5B11