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BRICS to launch independent financial system
(vovworld.vn)
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this post was submitted on 09 Jul 2024
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Doesn't bitcoins blockchain use some sort of consensus algorithm, so if one party has more than 50% of the compute power they control everything?
Yes, so does a democracy. Answered here in another comment on this thread https://lemmy.ml/post/17799179/12217017
In a democracy one person couldn't ever have more than 50% of the votes.
51% but thats slower so ideally around 66% so you can make quicker faster changes. but yeah you ll have the same issues with fiat at that point.
66% doesn't give you any more ability than 51% does. It doesn't change the speed, it just increases the cost. There would be no reason to hit 66% to do a 51% attack.
They who domiante block mining will dominate the chain. 66% is just an outright majority relatively. 51% vs 49% can be regained with enough luck.