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The attack you're describing is analogous to 50%+1 attack.

The chain will fork, and after Bitcoin + Bitcoin Cash and Ethereum Classic + Ethereum it's reasonable to assume both versions will co-exist to some degree.

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Yeah, I think that is the right way to think about it. I had always considered that in terms of mining power, not in term s of network control, but it is effectively the same incentives and consequences, just with different players.

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