although 51%+ is a pivitol point. remember its not the fact that they have 51%, its the fact of if they will do anything nasty once they have 51%+
although id like to think they wouldnt shoot themselves in the foot by doing anything... thus nothing will change, there is that chance that the owner of Ghash is a complete knob and would do something.. so dont think of the 51%, think about if GHash CEO is a knob or not. and lets hope he is not.
with that said lets get all your miners on different pools to disburse the hash-power so we never have to find out if Ghash CEO will be a knob or not
So much paranoia on these forums, and so much forgetting about rational self-interest. What do you think happens to the fool who destroys the wealth of tens of thousands of hackers?
Nothing good.
Deepbit had controlling share in the network a couple of times and we survived. They won't do anything because it's in their best interest to play nice. Think about it a minute. They're holding a mass of btc profit from running a successful pool. They could continue making more money but instead they decide to make their holdings worthless by fucking with the network. Yeah, that makes sense. Calm down people, the sky isn't falling.
I sincerely doubt ghash.io would destroy their own business by manipulating the market after reaching 51% of hashing power. It is likely they already have safety measures put in place.
In a centralized system , we rely on trust of a central authority.
If cex.io reaches 51% , they obviously will not double spend.
But , this means that Bitcoin will no longer be decentralized as majority of transactions will have to rely on the central power.
51% is not bad because they will manipulate the market. They will not do that , to protect themselves , as stated by you all.
But , this will mark the change of Bitcoin to a centralized system , just like the Fiat that we have struggled to leave behind.
