>That sounds amazingly dystopian. I mean, that’s literally a money built on an oligarchy. By design.
You can already kind of do that with other crypto currencies. For e.g. > 70% of bitcoin mining happens inside China, and the currency is susceptible to a 51% attack (in theory anyway). This site calculates the cost of executing such an attack.
You're right, the fact that they're in China might be irrelevant. I should have mentioned that a very large percentage of mining happens on a handful of pools.
> saying that 70+% of mining happens in China doesn't support the statement
I think the implication is that since China does not have meaningful rule of law, that 70% of mining could in practice controlled by one entity: the Chinese state.
You can already kind of do that with other crypto currencies. For e.g. > 70% of bitcoin mining happens inside China, and the currency is susceptible to a 51% attack (in theory anyway). This site calculates the cost of executing such an attack.
https://www.crypto51.app/