When reading about bitcoins, I came across the 51% attack concept. This is something that any entity with enough money can do. If Bitcoins really become a dominant force and threaten any of the major currencies, is it not possible that they would launch a 51% attack and control or destroy the bitcoin system? Or, is there a built-in protection available in the technology to prevent this?
It seems pretty unlikely that there would be a successful 51% attack. I think even the richest people or governments in the world would have a hard time pulling it off.
I do hope that you are right.
Meanwhile, "Iranians are resorting to virtual currency to move money into and out of the country in a way that Western authorities find hard to detect."
http://www.businessweek.com/articles/2012-11-29/dollar-less-iranians-discover-virtual-currencyI also found this interesting article by Neil Fincham, the MineForeman:
http://mineforeman.com/2012/12/10/want-to-destroy-bitcoin-i-am-going-to-tell-you-how/