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A comment on Coop. among an anon. group protected Bitcoin during failures of decentralization. Parent comment

Re:Coop. among an anon. group protected Bitcoin during failu... by AnimalMuppet on Thursday June 09, 2022 @08:09PM (#31688511)
If I understand correctly, that means that one group of miners controls 51% of the bitcoin, and they could use that to take over 100%. But if they did, what's the value of a bitcoin? Once they've proven that they are both able and willing to rip off all other owners, who else wants to have any bitcoin?
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Re:Coop. among an anon. group protected Bitcoin during failu... by snapcaster on Friday June 10, 2022 @07:48AM (#31692728)
Not controls 51% of the bitcoin, that itself wouldn't be enough. It's 51% of the mining power at any one point in time. I agree, I also wonder how much of that was due to lack of ability to short the price of bitcoin at the time. Nowadays you could maybe profit even if you totally destroyed the bitcoin network and made your own mining hardware worthless?
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