Comment by Geee
1 day ago
No, that's completely different thing. Mining power only "decides" about the blocks in the blockchain. 51% is only relevant in the context of taking over the blockchain by 51% attack.
Software versions and updates require social / economic consensus and have nothing to do with mining power. Bitcoin is open-source protocol / software and everyone can use whichever version they like. But there's also economic incentives to use the most used version and to make sure that it will keep being the most used version, i.e. forks are bad and should be avoided, therefore it's in everyone's interest to reach consensus.
So there are two different places that a coup against bitcoin could occur? Processing and Software.
With something like 45% of processing controlled by entities in Iran, China, and Russia, it seems like an absolute fools game to put any significant wealth in Bitcoin. All it would take is a significantly effective worm to destroy bitcoin. But hypers gonna hype.
You couldn't pay me to hold a Bitcoin.
It's the same as any currency. If the place you want to spend it only accepts currency y then you must trade for currency y to spend money there.
Since Bitcoin is software anyone can fork it and create a currency y with the same ledger up to the fork but few people do because convincing other people to trade for it without a very strong argument is hard.
What do you think "Iran" can do if they controlled 51% of processing power?
Double spend any bitcoins in their possession?
Or just announce and prove that they are doing it, thereby causing a run on bitcoin and all the other bozobucks.