Bitcoin Core Dev: Anti-51% Attack Measures Always Imply Centralization
Marie Huillet's original article for cointelegraph.com reduced by 59%
Bitcoin Core developer Greg Maxwell has criticized the "Attractive mystery" that fear of a 51% attack on Bitcoin entails, arguing that it betrays a fundamental lack of understanding about the cryptocurrency. In a Reddit post published on Oct. 5, Maxwell argued that any mechanism cooked up to mitigate the threat of a 51% attack always implies centralization and represents a far greater threat to Bitcoin's integrity.
Responding to the question of how to mitigate such a threat, Maxwell robustly argued that any such attempt necessarily compromises decentralization at the heart of the Bitcoin project. Anti-51% fixes 'centralize the system but just hide the centralization'. Maxwell criticized more centralized systems - naming Ripple, EOS and IOTA - for resorting to a single party determining firstness and imposing this on the rest of the network.
Bitcoin's fundamentally decentralized nature instead relies on the "Vote" of computing power through mining without the involvement of any centralized third party. "People have cooked up 1001 complicated schemes that claim to do it without introducing centralization, but careful analysis finds again and again that these fixes centralize the system but just hide the centralization..
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CN [too long; didn’t read]
Summarised crypto news.