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[–] go1dfish 0 points 2 points (+2|-0) ago 

It depends on a majority of the hashing power to be not in collusion to do nefarious things.

The idea is to make it prohibitively expensive to attack the network, but it's true that it isn't impossible.

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[–] Cantilever [S] 0 points 1 point (+1|-0) ago 

As the price skyrockets, doesn't the economic incentive to game the system scale with it, along with the cost of mining, thus limiting the number of miners with the capital to continue mining?

Seems destined to fail

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[–] go1dfish 0 points 1 point (+1|-0) ago 

Yes, but the cost of attack also scales with the cost of mining.

You have to control over 50% of hashing power, and that cost gets higher as more miners enter the system.

The cost of mining is not directly related to the value of the coin.

The cost of mining is related to how much hash power is mining, as price increases more hash power tends to be added though as people have more incentive to mine.