[Animus7]

> The main problem is that if you own the majority of the hashing power, you can rewrite history. You can make all the bitcoin ever mined owned by you.

No, this is completely wrong.

If you have majority hashing power, this allows you to

a) entitle yourself to a greater proportion of the newly minted bitcoins (though you actually can not increase the global rate of creation), and

b) undo already "confirmed" transactions, within a small timeframe. This allows for double-spend attacks, but you can only do that if you owned the coins in the first place. Nothing, not even hashing power, lets you use other people's coins.

In particular, you can't "rewrite history" arbitrarily, due to hardcoded hashes in the Bitcoin clients. You also can't "make all the bitcoin ever mined owned by you".