Why This is Fiction:
This statement describes a "51% attack," but it incorrectly applies it to Bitcoin's ownership and supply.
1. Control vs. Ownership: The concept of controlling 51% in cryptocurrency typically refers to mining power (hash rate), not ownership of the coins. A 51% attack would allow an entity to temporarily reverse transactions and double-spend coins. It does not give them control over other people's coins or the ability to arbitrarily create new Bitcoin or set its market price.
2. Bitcoin's Distribution: While Bitcoin wealth is concentrated in large wallets (often called "whales"), no single entity owns even close to 50% of the total supply. The largest known wallets are believed to belong to exchanges (like Binance or Coinbase), which hold coins for millions of users, not a single person.
3. Price Manipulation: While whales can influence price through large buy or sell orders, they cannot "manipulate it at will." They are still subject to market forces, liquidity, and the actions of other large holders. Controlling a large amount of coins does not equal control over the entire network's rules.
How to Stay Informed:
- Understand the difference between network security (mining hash rate) and coin ownership.
- Be skeptical of claims that a single person or group has absolute control over a major, decentralized cryptocurrency like Bitcoin or Ethereum. This is a core problem that blockchain technology was designed to solve.
- Recognize that while concentration of wealth is a real issue, it does not equate to the technical control described in a 51% attack.
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