The real problem with crypto (small cryptos and bitcoin) is a risk of a 51% attack as you pointed out. The top four bitcoin miners are all in China and make up 70-80% of all mining. If CCP seized that they can abuse it quite a bit with a 51% attack, potentially killing it altogether or targeted attacks.
Anyone running a full node (not a miner) is involved in consensus afaik - so it’s not quite just up to the miners, but it’s definitely a risk. It also happens to be the most overlooked issues by people who preach “BITCOIN FOR XYZ”.
The real problem with crypto (small cryptos and bitcoin) is a risk of a 51% attack as you pointed out. The top four bitcoin miners are all in China and make up 70-80% of all mining. If CCP seized that they can abuse it quite a bit with a 51% attack, potentially killing it altogether or targeted attacks.
Anyone running a full node (not a miner) is involved in consensus afaik - so it’s not quite just up to the miners, but it’s definitely a risk. It also happens to be the most overlooked issues by people who preach “BITCOIN FOR XYZ”.