> > But the majority of the hashrate can now perform double spends on your > chain! They can send bitcoins to exchanges, sell it, extract the money and > build a new longer chain to get their bitcoins back. > Obviously if the majority of the mining hash rate is doing double spending attacks on exchanges then the Bitcoin experiment is resolved as a failure and it will become abandoned. This has been known since day one: it's in the white paper. The basic assumption behind Bitcoin is that only a minority of actors are dishonest - if the majority are then Satoshi's scheme does not work.
So you are not stating anything new here.
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