Wow! That kind of thinking seems to be common.
That's because it's common sense. Bitcoin is only secure when no single entity has too much power.
It isn't common sense, it is FUD. With something like a 51% attack, of which there are many possible forms that have nothing to do with having a majority of the network, there would be a hard record left of exactly what happened. That limits the scope of any such attack.
If you don't what ghash.io to grow over 51% then the solution is to offer better alternatives. The combination of cex.io/ghash.io is a winning concept. Competition is the solution, not running around like a chicken with its head cutoff.
With a fiat currency there is a vast amount of crimes and fraud. Yet fiat currencies survive just fine.
Generally speaking, the crimes and fraud committed with fiat currency don't destabilize the entire currency. This point is irrelevant.
How is it irrelevant? It is exactly the same issue! Learn some history, crime has destabilized currencies in the past, generally when carried out by governments. That is the primary problem is counterfeiting which is basically the same as a double spend. Most crimes don't destabilize a current currency and bitcoin would be the same. The Bitcoin network would survive because the blockchain would forked with changes in place to address the issue.
Most likely Bitcoin would survive a 51% attack and whoever did it would be found out.
We don't know that. But why risk it?
Because you can't prevent it by the methods you are using. The only sure prevention is competition and growing Bitcoin. This kind of fear mongering doesn't help and only
hurts Bitcoin.
Then it would be a matter for the courts.
Unlikely. There aren't any specific laws against a 51% attack, and the jurisdictional aspect of it is a nightmare. The ghash.io operator is (I think) in The Ukraine. Not much that a court anywhere else can do about that, and I doubt the courts in The Ukraine give a shit.
Maybe, maybe not. Cex.io is operating out of London, but I have like you don't know where all the owners are for sure. Anyway you are automatically assuming that Cex.io is a criminal organization. It is just more likely they came up with a killer concept and are cleaning up because of it. If you don't like it, offer something better!
The fear is irrational.
Frankly, I don't think you have any idea what you're talking about, and calling this fear irrational paints you as naive, at
best.
Frankly, I don't think you have any idea what you're talking about, and
creating this irrational fear paints you as naive, at
best.
Wow! Something we both basically agree on. See there is some common ground.
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The solution is simple to understand, may be harder to implement. Offer people better choices! Competition is what will spread the distribution of miners out. Self policing isn't a real solution.
