Cryptocurrency entrepreneur Daniel Larimer has delivered an unusual threat to the Bitcoin and Ethereum communities, claiming he could overpower their blockchains.
Larimer Takes Issue With Decentralization
The increasingly controversial Larimer, a founder of decentralized applications platform EOS and social media network Steemit among others, made the comments during a social media exchange March 27.
Both the Bitcoin and Ethereum networks, he said, were vulnerable, claiming he could “take down” their decnetralized mining structures with relatively few resources.
The comments appeared to target proponents of decentralization, who argue EOS’ centralized equivalent is less secure and less transparent, something Larimer denies.
“How many people would you have to hold hostage to censor all transactions on your ‘decentralized’ chain? How long would it take to recover?” he wrote in a series of tweets.
…I could take down (Bitcoin) and (Ethereum) for quite a while with just 3 pool operators.
What is your chain? I could take down btc and eth for quite a while with just 3 pool operators.
— Daniel Larimer (@bytemaster7) March 28, 2019
Larimer did not provide evidence of his calculations or the feasibility of launching such an attack, previous threats of which were broadly dismissed by the crypto community.
While the seemingly low prices involved could be true for smaller blockchains with easily-rentable hashpower, larger players – specifically Bitcoin and Ethereum – are unable to be commandeered simply through renting from a provider such as NiceHash.
“Most bigger cryptocurrencies have sufficient mining capacity behind them,