RE: Ask Me Anything - Marky Edition - November 2021
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Good evening
My question refers to a statement, from our Hive whitepaper.
...Additionally, Hive has taken steps to deter and mitigate 51% attacks at the blockchain level through
governance provisions, including delayed voting with any newly-staked HP...
In my opinion, this is not sufficient protection. Why not lower the number of witness votes per account from 30 votes to less than 5 votes?
0
0
0.000
This would encourage vote selling and even more vote begging. No one person can massively influence witness votes, not even @blocktrades. You can move someone a few spots, but not take someone from 0 to a top 20.
For example, @blocktrades is one of the largest voters and has around 17.5MVests on his main account. To get someone in the top 20, you need around 105MVests. If someone was to buy that much stake (pretending for a moment it would even be possible with massively raising the price) it would cost around $7.5M USD.
A 51% attack would cost ~$46M in a fantasy land where you can buy that much stake without influencing the market. It would likely cost you 5x that unless you do it over years.
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Thank you for the quick reply.
I also agree so far, as long as it is an attack from outside.
So the limit is around 46 MVests. It will certainly increase over time.
But a 51% attack is already possible even inside the blockchain if few strong accounts participate.
I am aware that Blocktrades will never kick against the community. He has simply invested too much money, work and lifetime in the development of Hive for that.
But just to continue the thought experiment, you need this account.
Example:
Blocktrades owns 17.5 MVests
Freedom owns 23.1 MVests
Results in about 40.6 MVests
If Hive grows in popularity in the near future, then hostile groups could form within this blockchain and the 6 weeks won't help.
That was my thought, but I also trust the top 20 witnesses to avert such an attack.
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$46M USD not 46 mvest. It’s more than double. Also it’s impossible to get $46M of Hive without skyrocketing the price.
Ok.
My concern was more a look at the development in the Eastern European countries of the EU. (Poland, Hungary)
Previously independent judiciary and press is under the control of the government, by law. This severely restricts the rights and freedom of the country's population.
Hive promises freedom for all thoughts.
I would like to see this remain the case and not be subverted.
46M USD and more is no obstacle for totalitarian states.
I realize that if someone tries to get such sums that the 6 weeks will help. But they don't help if it happens over a longer period of time and many accounts.
The price will surely rise sharply. And we are all happy about it. But I would rather have a hive worth 0.25 USD than to have my freedom restricted.
I think the issue of a hostile takeover, is not relevant at this point. There is no need for further discussion.
I wish you a good day.
Sure but if someone jacks up the price to $10-50 to buy all that Hive, a lot will be very happy.
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