Bitcoin

Out of context: Reply #771

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    I am curious why no one is talking about the 51% attack?

    I barely understand the basics, but this sounds like it could kill Bitcoin completely...am I mistaken? There's already one entity at 45% and they can reach 51%, which, as I understand it, would give them control of the mining and transactions.

    What am I missing? To me, this seems like it would stop everything in its tracks (but it hasn't). Just the possibility of such a thing would make it mostly worthless...like a stock that represents a ponzi scheme.

    Just trying to understand this...

    "Ghash.io reached 45% of the computing power of all global bitcoin miners, just six points short of the 51% that would be required to break bitcoin by arbitrarily manipulating the record of future transactions upon which it rests. The result could be, at minimum, “double spending” of existing bitcoins, which would render the currency effectively unusable. "

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