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Absolutely true. "Introduction of double-spend and other corrupt transactions because you control a significant fraction (perhaps LESS than 51%) of the mining p
by mcherm 14y ago
Absolutely true. "Introduction of double-spend and other corrupt transactions because you control a significant fraction (perhaps LESS than 51%) of the mining power" is a vulnerability for bitcoin that is NOT present in other forms of value.
But "a majority of the users could redefine what is considered valuable" is a vulnerability (mentioned in the post I was replying to) of EVERY representation of value, and not a particularly interesting or realistic one.
- Evbn 14y ago"Cornering a market" in a commodity is a lot like a bit coin 51% attack -- it gives a lot control over the price of the commodity.