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Over the last few days, GHash.io, the largest Bitcoin mining pool, has grown to control 51% of the hashing power of the Bitcoin network for hours at a time. This is problematic, because with this level of control, GHash.io is in a position to exert considerable influence over the...

Bitcoin (and other cryptocurrencies like it) are unique in that, in an effort to avoid counterfeiting, they do not abdicate that responsibility to a trusted third party (in the case of fiat), or to the laws of physics (in the case of gold and other precious metals). Instead, the...