#FF00AA

Researchers from Cornell University say that on multiple occasions, a single mining pool repeatedly contributed more than 51 percent of Bitcoin’s total cryptographic hashing output for spans as long as 12 hours. […] So-called 51 percenters, for instance, have the ability to spend the same coins twice, reject competing miners’ transactions, or extort higher fees from people with large holdings. Even worse, a malicious player with a majority holding could wage a denial-of-service attack against the entire Bitcoin network.

That article must be making incorrect simplifications, right? I’ve never “believed” in Bitcoin, but they can’t seriously have designed a crypto currency with this kind of liability and thought, “eh, that’s fine, it’ll never happen”?