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Posts such as this still don't address a large concern: What assurances are there about the "political" (for lack of a better term) controlling entities around
by cjslep 9y ago
Posts such as this still don't address a large concern:
What assurances are there about the "political" (for lack of a better term) controlling entities around the coin? For instance, Bitcoin is susceptible to a 51% attack to destroy opposition, and Ethereum has already shown they will do so in the DAO use case.
For this reason, I stick to fiat, even though I look forward to cryptocurrencies maturing even more.
- gcp 9y agoAny coin can be subverted if the majority of the userbase agrees so - that's a fork. Note that for fiat currencies, this is true, too. It's even worse, because usually it's 51% of the issuing national government, which might be a much smaller group that the total users.
- lossolo 9y agoThe problem is that one user (entity) could gain 51% of hashing power, not majority of the user base.