Fully agree. Also, for all miners, they are not incentivized to act maliciously or decrease the value of BTC. (Indeed quite the opposite, they want BTC to continue to increase in value).
Further is almost impossible to do given how decentralized BTC miners and nodes actually are and how much collective computing power would need to he harnessed and controlled. And its also not true as much has claimed is done in China. Its kind of an urban myth and the actual mining power landscape is changing all the time.
In communist China? They just released a biological weapon one year ago with the help of the Deep State - the CCP virus. What makes you think they don't approach the Bitcoin miners and tell them to crash Bitcoin's price to damage the USA's economy! It's not like the USA's economy has not already been damaged by the CCP virus. They don't care.
Perhaps they wait 5 years until the market cap is many trillions more.
When dealing with the CCP all bets are off as far as I am concerned.
Economic attackBy now, most agree that an economic attack is far less costly than an actual attack. This is the reason why rogue states like North Korean and Iran have hackers who do their bidding. Iran has famously hacked the Sands Casinos in Las Vegas and North Korea hacked Sony when it tried to launch an unflattering movie about their great leader.
Instead of sending soldiers, you just send hackers. Less costly for you, far more costly for your victim.
E-YuanFast forward five years from now.
It’s 2025.
Many US companies, fearing an inflating dollar (which a Biden administration will have used to keep the US economy as the biggest in the world), will have invested part of their portfolio into Bitcoin by then. Perhaps a few percentage points.
That is a substantial part of the economy and a sum able to start a stock market crash if the floor would fall out from underneath it.
China will have launched its E-Yuan or Digital Yuan and with that be able to spy on its own citizens. Given that Beijing is in full control of its own currency in digital form, you will not be able to know how much they’ve spent and how much they have.
Although it is to be assumed that some of the mining power will have already moved from China to the US, a lot will still remain in China, and in combination with Russian mining operations (the Kremlin is also able to control mines in Kazakhstan), they could reach a bit more than 51% if needed, paying the miners as many E-Yuan or Russian rubles as they want.
In April 2020, China has 65% of hash power, the US 7%, Russia 6% and Kazakhstan another 6%. Even if 15% would by that time have moved from China to the US, this would still hypothetically leave the Communist states with more than 51%.
At that point, China and Russia, which have the same political interest (namely to crumble the US economy which heightens their own status), could take over the Bitcoin blockchain and, at least for a while, mine a whole lot of blocks for themselves.Causing collapseIf they then dump the mined Bitcoins on the market and replace the public blockchain with their own private blockchain, the price of Bitcoin would crumble. Depending on how much of Fortune 500 companies assets are at that moment invested in Bitcoin, this could reverberate in a crash of the US stock markets.
In Jack Ryan, Shadow Recruit, the book by Tom Clancy, such a scenario (by Russia) is exactly described. In his screenplay. There, the villain, a Russian oligarch:
Will dump all of his inventory onto the market at the same time, causing the American Dollar to collapse. It would hurt China too because of their Dollar holdings, but the goal is to trigger a new Great Depression in the USA.
Replace the American dollar by Bitcoin and multiply the value of Bitcoin’s current market capitalization by 10, now think of the possibilities.
https://cryptotips.eu/en/news/can-china-and-russia-launch-a-51-bitcoin-attack/
