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A comment on The Bitcoin hash rate has increased by 28.2% over the last month. Parent comment

Re:The Bitcoin hash rate has increased by 28.2% over the las... by schmichael on Thursday April 21, 2016 @11:19AM (#11542789)
> The more miner, the more secure

This isn't totally accurate. You need a lot of different miners and a high hash rate for security. The least secure place bitcoin can be is when a single miner controls most of the hash rate.

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Re:The Bitcoin hash rate has increased by 28.2% over the las... by riprowan on Thursday April 21, 2016 @12:38PM (#11543421)
This is exactly correct. All the hashpower in the world provides zero security if 51%+ of it is not "honest".

http://bitcoin.org/bitcoin.pdf

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Re:The Bitcoin hash rate has increased by 28.2% over the las... by arnauddri on Thursday April 21, 2016 @11:22AM (#11542812)
You're perfectly right, thanks for clarifying!
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Re:The Bitcoin hash rate has increased by 28.2% over the las... by hasch on Thursday April 21, 2016 @02:07PM (#11544158)
good point, but a mining monopoly would destroy the value and hence it's in the self-interest of miners to be diversified. that's an economical self-correcting mechanism on top of this technical mining/reward feedback mechanism.
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Re:The Bitcoin hash rate has increased by 28.2% over the las... by schmichael on Thursday April 21, 2016 @02:23PM (#11544273)
AFAIK this is the conventional wisdom but not a proven fact. A smart 51% attacker could profit and go unnoticed:

> And contrary to commonly-repeated assertions, a monopolist can engage in subtle attacks that are hard to detect.

http://hackingdistributed.com/2014/06/16/how-a-mining-monopo...

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