I don't know that the Chinese do own over 50% of Bitcoin, but suppose for a moment they do... if the Chinese owned over 50% of gold would you be opposed to the US dollar becoming backed by Gold?
Based on your comments, I don't think you understand what a 51% attack is.
51% Attacks have to do with controlling >50% of the mining network hashrate, not >50% of the circulating supply.
*Also you don't even have to have >50%, you can perform a 51% attack with only say 10% of network power, you just need >50% to pull it off more often than not
If China has >50% of the mining power (a much more realistic claim than owning >50% of bitcoin) then it's surely just because a large mining pool is based in China, not because CPC actually has that much processing power on the network. Miners from all around the world would be connected to that pool and if they tried to mutate the blockchain those miners would simply switch to a different pool that isn't messing with their potential mining rewards for nefarious purposes).
So... no proof at all?
I don't know that the Chinese do own over 50% of Bitcoin, but suppose for a moment they do... if the Chinese owned over 50% of gold would you be opposed to the US dollar becoming backed by Gold?
Based on your comments, I don't think you understand what a 51% attack is.
51% Attacks have to do with controlling >50% of the mining network hashrate, not >50% of the circulating supply. *Also you don't even have to have >50%, you can perform a 51% attack with only say 10% of network power, you just need >50% to pull it off more often than not
If China has >50% of the mining power (a much more realistic claim than owning >50% of bitcoin) then it's surely just because a large mining pool is based in China, not because CPC actually has that much processing power on the network. Miners from all around the world would be connected to that pool and if they tried to mutate the blockchain those miners would simply switch to a different pool that isn't messing with their potential mining rewards for nefarious purposes).