Post
Topic
Board Bitcoin Discussion
Re: 51% attack
by
seoincorporation
on 30/12/2019, 16:25:01 UTC
...

you aren't considering a couple of important things here.
first is that no "company" or mining farm owns anywhere close to 51% of the hashrate, even combinations of multiple one of them don't come to a summation of 51%. the high hashrate percentages you see are mining pools. if a government took control of a pool, the miners connecting to that pool will simply switch to another pool or create a new one.
second is that owning 51% of hashrate or even performing the attack isn't going to damage bitcoin at all. the only thing that can damage it is if they actually perform double spends. which isn't going to be easy not to mention the high cost that it has.

Even if someone use this attack to make a double spend that will not work at all because the different services who accept bitcoin always ask for 1 confirmation. So, the double-spend isn't a risk at all nowadays. Y the coins never confirm then they never get accredited on balance.