I too am in IT and work with cryptography quite a bit. I feel like this article was fine. Can you elaborate as to what you found so terrible? The real problem in the example is key ownership is not as trust worthy as the blockchain they’re associated with (ignoring 51%).
The real problem with crypto (small cryptos and bitcoin) is a risk of a 51% attack as you pointed out. The top four bitcoin miners are all in China and make up 70-80% of all mining. If CCP seized that they can abuse it quite a bit with a 51% attack, potentially killing it altogether or targeted attacks.
Anyone running a full node (not a miner) is involved in consensus afaik - so it’s not quite just up to the miners, but it’s definitely a risk. It also happens to be the most overlooked issues by people who preach “BITCOIN FOR XYZ”.
I too am in IT and work with cryptography quite a bit. I feel like this article was fine. Can you elaborate as to what you found so terrible? The real problem in the example is key ownership is not as trust worthy as the blockchain they’re associated with (ignoring 51%).
The real problem with crypto (small cryptos and bitcoin) is a risk of a 51% attack as you pointed out. The top four bitcoin miners are all in China and make up 70-80% of all mining. If CCP seized that they can abuse it quite a bit with a 51% attack, potentially killing it altogether or targeted attacks.
Anyone running a full node (not a miner) is involved in consensus afaik - so it’s not quite just up to the miners, but it’s definitely a risk. It also happens to be the most overlooked issues by people who preach “BITCOIN FOR XYZ”.