What are the chances bitcoin big mining pools to unite and do 51% attack?

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Looking at this bitcoin hash rate distribution chart (https://www.blockchain.com/en/pools), it only takes 3-4 mining pools to unite and do a 51% attack.

With this possibility, how can people still think that Bitcoin can be the money of the future?

PS: I'm also a bitcoin believer

bbnn

Posted 2019-08-29T18:48:39.703

Reputation: 115

2

Possible duplicate of Are big miners a threat for Bitcoin?

Ugam Kamat 2019-08-29T20:04:21.123

Answers

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Won't happen.

Bitcoin's value (like that of most currencies) is based entirely on the belief that it has value. If someone were to perform a 51% attack on Bitcoin, it would greatly weaken the belief in Bitcoin, and the value would collapse. If a pool were to perform a 51% attack, they'd get a little money from the success of the attack, but at the cost of giving up a large amount of money from future success of Bitcoin.

In fact, there have been cases where a pool has come close to having 50% of the mining power, and when that's happened, the pool has voluntarily stopped allowing new miners to join in order to avoid even the appearance of being able to perform a 51% attack.

Mark

Posted 2019-08-29T18:48:39.703

Reputation: 123