[RoosterRedux]

What about mining cartels? If a cartel of miners conspires to exert a significant amount of influence over the network’s hash power, they could theoretically manipulate the blockchain (e.g., a 51% attack).

People who say this is unlikely because it damages the trust and the value of Bitcoin fail to understand the cleverness of criminals.

[FLT-bird]

What about mining cartels? If a cartel of miners conspires to exert a significant amount of influence over the network’s hash power, they could theoretically manipulate the blockchain (e.g., a 51% attack). People who say this is unlikely because it damages the trust and the value of Bitcoin fail to understand the cleverness of criminals.

Nope! They couldn't. The VAST majority of Bitcoin that will ever exist has already been mined. Most of it was mined before mining it became something larger companies became interested in. So all the miners in the world could get together and pool all the Bitcoin they hold and still never come remotely close to 51%

Another factor to consider is that a certain percentage of Bitcoin is lost. It was on old hard drives on computers sent to the landfill or if it was held by some major Bitcoin bull like Mircea Popescu who drowned unexpectedly, might never be able to be accessed by anyone. That's a percentage of Bitcoin that is never going to vote in favor of any change. The obstacles to a 51% attack are insurmountable IMO.