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June 13, 2014, 07:12:57 PM |
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Hi guys, still rather new, but thought I would share a few paranoid observations I had. Please share your 51% speculation/paranoia as well!!
1) Ghash.io 51% will slow corporate acceptance of Bitcoin. Executives/board members of large public companies (who do not understand the Bitcoin network that well) usually are very risk adverse, and it will be harder to convince them to accept Bitcoin as a payment method if there is even a possibility of a 51% attack. I know it is never in Ghash.io's best interest to act maliciously, but they won't see it that way. I also understand Bitcoin is a world currency, so it doesn't need adaption by large companies to hit the moon... but the trickle down effect from these companies would take us to Mars.
2) China nets billions and billions and billions of dollars each year in net exports, from intentionally depreciating their currency. The power to do this is EXTREMELY valuable to them. I'm not saying Bitcoin would ever grow large enough to threaten this in the near future... but if more and more Chinese people continue to use Bitcoin against their government's wishes... the government may see it as a threat to a system that generates enormous wealth for the country. It would be in China's best interest to invest in a massive 51% mining farm to either kill Bitcoin or salvage it into Chinacoin. This action would deter Chinese people from investing in future cryptos.
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