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The top four pools have ~55% of the total hashing power. They could orchestrate a 51% attack with a conference call. As we've seen with the BTH/SegWit2X fiasco,
by jdietrich 9y ago
The top four pools have ~55% of the total hashing power. They could orchestrate a 51% attack with a conference call. As we've seen with the BTH/SegWit2X fiasco, Bitcoin is anything but democratic or decentralised. A cartel is every bit as dangerous as a monopoly.
- ric2b 9y agoAnd what exactly do you think a 51% attack can do? I'll tell you what: censor transactions and make double-spends. Not exactly end of Bitcoin danger, is it?
- Dylan16807 9y agoIf someone had unrestricted ability to double-spend, getting around any attempted countermeasures, they would be able to turn every exchange into a money printing machine. It's hard for me to see how it wouldn't be the end of Bitcoin.