06 Oct Litecoin Creator Agrees with Greg Maxwell’s Take on Bitcoin’s Susceptibility to 51 Perce…
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In his recent tweet, which addresses a Reddit post by Bitcoin Core developer Greg Maxwell, Charlie Lee claims that one cannot fix the 51 percent flaw without making the Bitcoin network more centralized. According to the Litecoin creator, this is essential to understand for those who want to understand the O.G. cryptocurrency and the concept of decentralization.
Read Greg Maxwell’s explanation about why one cannot fix the 51% attack flaw of a decentralized system without adding centralization.
This is one of the keys to understanding Bitcoin, proof of work, and decentralization. Most people fail to grasp this.https://t.co/EUAev7XWdT https://t.co/KxuXb6UdZZ pic.twitter.com/uwOs2cjXvA
— Charlie Lee [LTC⚡] (@SatoshiLite) October 6, 2019
A needed trade-off
The OP who started a heated discussion asks whether it is possible to make the Bitcoin network less vulnerable by rewriting the software to cap a miner’s percentage of the hash rate. In his lengthy comment, Maxwell explains why…
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