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What is the 51% attack? to explain it in simple terms it is to take over the whole network of blockchain so that they can even double spend or erase transactions.
BTC works on a simple logic that what the majority approves is the truth if we face with such an issue of miner centralization then we have no choice but to trust the chinese miners for now, the below video shows how much of a threat miner centralization is.
Will they do it?
The short answer is NO. As much as people think this would make china more control over the financial market it doesn't work out as such.
At the time of writing this article, China has a global foreign currency reserve of $3,362,471.
If they want to inflate or destroy the dollar, they could simply dump this in the open market.
MORE REASONS-
We are going to witness a history in bitcoin mining tonight, all mining farms (about 8m kw electricity load) will shutdown at 12pm Beijing time tonight, Harare rate already dropped significantly after sichuan gov announce shut down bitcoins mining farms in Sichuan. { this will happen as of june 20th which is huge }
- The above said will result in more and more miners move out of china which makes it better distributed worldwide for wider people so that it truely becomes DECENTRALIZED.
