Can somebody explain like I'm five what happens when there is a 51% attack? I keep seeing this everywhere...
If a single entity contributed the majority of the network’s mining hashrate, they would have full control of the network and would be able to manipulate the public ledger (blockchain) at will.
not true ..
They can..
Reverse transactions that he sends while he's in control
Prevent some or all transactions from gaining any confirmations
Prevent some or all other generators from getting any generations
They can't:
Reverse other people's transactions
Prevent transactions from being sent at all (they'll show as 0/unconfirmed)
Change the number of coins generated per block
Create coins out of thin air
Send coins that never belonged to him
The big issue with pools is this one...Prevent some or all other generators from getting any generations