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December 11, 2013, 04:44:20 AM |
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Basically Cryptocoins are secure, based on the idea that the majority of miners are honest. Because of that, they all have to agree on transactions, and whatever the majority believes to be true, is taken as the truth and propagated.
If you're able to, for example, put up 51% of the hash-rate for a given alt-coin (Bitcoin has so much hashrate it's nowhere near possible) you can basically all agree on whatever transactions you want, making whatever transactions they want be valid
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