Why you can not cheat Bitcoin
Crypto is an opportunity that won’t repeat itself for centuries.
You can try to time the market and short it ( which the bears have been doing for a while now) or you could just sit down and do your research and learn while the market is in a blood bath. Spend time in the market, research, have patience. While I have been learning more about bitcoin and blockchain, i heard about how almost un hackable the blockchain is and I wasn’t convinced until I read this.
What is blockchain?
The blockchain is a database that records and indexes bitcoin transactions. Thereby creating a transparent and findable database of all of them in the process just like a decentralized ledger. This enables the technology to continuously check and verify that the records are accurate. This makes uttering of the database harder. This is because, if a hacker wants to compromise only one block, the hacker will have to compromise a lot of the network block to get to the particular block he wants to get to. This will take a lot of expensive computing. So I came across the picture below and it gave me a better understanding.
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I'm no expert... but I think the ways you can actually cheat cryptocurrencies like #Bitcoin are by controlling the hash rate and the wallets. You're right that tricking the chain itself is a losing battle, but I think mining conglomerates and corporate players like Coinbase and Paypal will succeed in "cheating" Bitcoin by controlling it and perverting its utility. Great conversation though! :)
But won’t it be obvious? And expose them which will lead to them being sued. I mean Coinbase and PayPal?
Sued for what? People sign up and let huge central powers control their keys and their crypto. People like these companies. lol
You have a point