[2015-07-11] EBA Sees 51% Attack as Bitcoin’s Biggest Threat

[tyz]

Back in June 2014, Bitcoin mining operator GHash.io had almost come close enough to capturing the 51% of Bitcoin’s mining hashrate, causing a heated debate within the digital currency community about Bitcoin’s vulnerability to potential centralization.

http://www.newsbtc.com/2015/06/17/eba-sees-51-attack-as-bitcoin-s-biggest-threat/

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[kjlimo]

Yes, because the people who have the most to gain from the system... Will destroy it???  False...

[LiteCoinGuy]

biggest threat from European Banking Authority:

[crazyearner]

biggest threat from European Banking Authority:

yeah just keep on printing it eventually euros will be worth nothing and already talks of it being slashed and going back to how it use to. Since euro been out it has only caused problems than to cure. Remove Euro altogether instate BTC problem solved.

[gogxmagog]

yeah, any entity having 51% of the network would effectively destroy the network (or at least the public's trust in it) and they would be committing professional suicide. Fortunately there are enough smaller miners who will switch pools when such a thing approaches (just as happened at gHash.io)

We are seeing privately owned mega-mines now, and they are getting a huge chunk of the network... But like has been said already, it would effectively take away their livelihood to own 51% or more.... Still, I'm sure corporate minded, profit obsessed control freak sociopaths like BitFury will find some way to try and own the network while hiding the true ownership from the community at large (umbrella companies, silent partners, NDA protected back-room deals)

We are entering the post-capitalist age, but dont expect human nature and greed to change any time soon. If they can make yourself filthy rich while enslaving others and destroying the world they will. Doesn't matter if its BTC, fiat, or monopoly money, they all want to have the most and they dont care how they get it. They just dont care.