This threat seems very, very likely at some point. The cost of an attack wouldn't actually be that much to pull off. Even a short term (i.e. much cheaper) attack could completely destabilize the faith people have in Bitcoin.
Are we just waiting for an attack to occur before actually doing anything?
An attacker that isn't motivated by money will eventually attempt an attack. This isn't an "if", it's a "when".
Some billionaire, inherited wealth rich kid could completely devastate Bitcoin for under $50 Million.
Some people love to wreck shit. Rich guys that love to wreck shit? It could get ugly.
Somebody console me. I want to be wrong. What am I overlooking?
Perhaps the reason this wouldn't happen is because there's nothing in wrecking bitcoin for the super rich? 50million to do it maybe, but in destroying bitcoin's credibility, there'll be no value resulting from any dastardly deeds I'm pretty sure.
Absolutely! 51% Attack can't make you earn anything and make you lose $50 million. Then the fork chain 1 and original chain are existing at the same time. The majority of miners will know which chain is created by evil people and choose the right chain.