To all the newbies, here is a quote from bitcoin wiki, you have to understand how bitcoin miners are rewarded
The incentive to put forth this time and electricity is that the person who manages to produce a block gets a reward. This reward is two-fold. First, the block producer gets a bounty of some number of bitcoins, which is agreed-upon by the network. (Currently this bounty is 25 bitcoins; this value will halve every 210,000 blocks.) Second, any transaction fees that may be present in the transactions included in the block, get claimed by the block producer.
Having >50% hashing power doesnt mean you have >50% network.
The reward has to be agreed upon the network.
In short, dont listen to the retard Anony, there is a reason why hes ignored.
Here is what he said
If an attacker controls > 50% of the hashrate, the attacker will always have the longest block chain. So the attacker decides what is acceptable in the blocks.
The only thing the attacker control is transactions which are put into the blocks. Not the reward of finding blocks.
Listen up
Dunning-Kruger novice.
The miner who finds the block, decides what to put in the coinbase transaction in that block.
The honest miners and honest non-mining nodes will reject it if it doesn't follow the agreed upon schedule for coin rewards.
However if the attacker controls > 50% of the hash rate, then the attacker's miners will accept the block.
I already explained upthread what the options of the non-mining nodes are at that point (they must fork because longest chain must be valid else the entire double-spend protection is gone, but the attacker can attack the fork, there is no escape). And they don't really have any option but to accept the new coins. Go read what I wrote at the top of this page.
Now STFU because you don't know what you are talking about. I do. You are misinterpreting what the wiki says. No where does the wiki say what you are trying to assert.
The incorrect claim in the wiki that I have quoted upthread, is because who ever wrote the wiki is listening to gmaxell, but gmaxell is wrong.
Eat humble pie.
