I don't think it will work in the long run. It's limited periods of time they have a burst of hashrate to do it which is what I think is part of their clever marketing campaign to convince people they're taking over (besides having much less hashrate on average and significantly less than 51%). They can't do it consistently and the larger mining pools can also do it back to them especially during the lulls. But yes, if they could keep it up constantly I think you're right that could be a potential outcome. It gets exponentially better for you the closer you get to 51% iirc All they have achieved so far ironically is decentralizing total network hashrate. They are now another large competitive mining pool among the existing large three. The large red "unknown hash" in that link was previously 1-5% and hardly existed. It's now at ~22%.