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Is Bitcoin really that resistant to the power of centralized organizations?

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by COINS NEWS 83 Views

My understanding is that to perform a 51% attack, you would need to control greater than 50% of all computing resources.

Isn't a lot of the world's computing power centralized within 3 major cloud providers? It doesn't seem entirely implausible to me that at some point a company like Google or Amazon could either be hacked, internally compromised, or even ordered by the government to perform an attack like this.

Sure, this sort of attack would ruin Bitcoin's value, destroy the reputation of whatever entity performed the attack, and would be too expensive to maintain. I would imagine the community could even fork the blockchain from a point prior to the attack, similar to what Ethereum did.

But an attack like this would have a disastrous impact on the trust in the Blockchain. And with Bitcoin's massive market cap I don't think it's hard to imagine a situation where a significant drop in Bitcoin value could lead to profits in some other part of the economy that could make this attack worthwhile.

submitted by /u/skiboyec
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