For those curious what's this is about: in 2012 Luke used the hash power of OCEAN's predecessor, Eligius, to kill off a new SHA256 PoW coin by mining empty blocks and driving up the difficulty until people just quit.
Another reminder that custodial services are trust businesses with a short half-life. The fees were fine; the counterparty risk was the product all along. Non-custodial might cost more in effort, but it never closes down and takes your balance with it.
Empty blocks and a difficulty wall, that's the oldest kill in the book and it still works. He didn't hack anything, he just out-mined them - which is the whole point about PoW security: it's hashrate, not promises, that keeps a chain alive
For those curious what's this is about: in 2012 Luke used the hash power of OCEAN's predecessor, Eligius, to kill off a new SHA256 PoW coin by mining empty blocks and driving up the difficulty until people just quit.
The irony.
Crazy going through these old forums to see how consistent/ or how much people have changed haha
Another reminder that custodial services are trust businesses with a short half-life. The fees were fine; the counterparty risk was the product all along. Non-custodial might cost more in effort, but it never closes down and takes your balance with it.
Empty blocks and a difficulty wall, that's the oldest kill in the book and it still works. He didn't hack anything, he just out-mined them - which is the whole point about PoW security: it's hashrate, not promises, that keeps a chain alive