Why is everyone so worried about China and the 51% attack? Let's say this happens... what will happen?
1. Everyone will sell their Bitcoins {Why would you want a currency that can be double spent?}
2. No merchant in his right mind would accept Bitcoin as a payment method.
3. Centralized control would be the end of Bitcoin
4. People would stop mining
5. People will not host nodes anymore
The whole network will collapse and the Chinese will be left with a whole warehouse full of worthless hardware.
1. Everyone will sell their Bitcoins {Why would you want a currency that can be double spent?}
2. No merchant in his right mind would accept Bitcoin as a payment method.
3. Centralized control would be the end of Bitcoin
4. People would stop mining
5. People will not host nodes anymore
The whole network will collapse and the Chinese will be left with a whole warehouse full of worthless hardware.
Yeah exactly. This is why I don't think too many people are making a serious effort to hack the blockchain or bitcoins's technology. Because if they did do something like that or a 51% attack, then btc would become worthless. Would a bank robber risk life and limb to break into a vault he knew was empty? No, I think the bad guys are after individuals via scams, phishing, and things like that.
And why should we be concerned that China has a lot of hashing power? We would have more hashing power in the usa if we were not getting raped so hard by the electricity companies. That is a chilling effect right there, and a way to concentrate wealth away from the average person. So thanks electricity companies, because of your greed China is becoming the leader in this area.