Ok, you mean because they can actually afford to ignore any other blockchain and just build on their own? Point taken. So 51% would be terrible, but 48% is 1)

Ok, you mean because they can actually afford to ignore any other blockchain and just build on their own? Point taken. So 51% would be terrible, but 48% is 1) dangerously close to it 2) bad in itself because it allows for double spending eventually with reasonable probability.