[BeyondCC Daily Update] - 23rd February 2019
To the fanfare of vindication, the news dropped last week that two public pension funds were anchor investors in a blockchain fund managed by Morgan Creek. “The institutions are here!,” went the cry, “we knew it would happen!”. It echoed the chorus of jubilation that greeted the news late last year that Yale Endowment fund was dipping its sizeable toe into the blockchain sector via an investment in two crypto funds.51% Attacks for Rent : The Trouble with a Liquid Mining Market
In order to remain decentralized, cryptocurrencies using a proof-of-work system must not allow a single party to control the majority of total hashing power. But as the global pool of hashing power grows more liquid, cryptocurrencies need to pass another important test. They must be able to resist an attack from the total rentable global hashing power for their specific algorithm. Otherwise, arbitrageurs may find it financially attractive to rent hashing power in order to perform 51% attacks.