Replying to Avatar Peace K 🪙

Thanks for the clarification.

Correct me if I am wrong, those who have a lot of mining power can use some of that power to create a lot of full nodes.

They can also corporate to create long chains quicker then non cooperating full nodes.

In other words, they can still force raising the cap. Other miners/node runners will have a choice to either accept the change or do a hard fork.

Institutions will back the change. A hard fork will mean osing the institutions. The Original Bitcoins value will drop as if it fell from a cliff...
ab
SilentWave 2mo ago

If a group of miners choose to change consensus (e.g. raise the cap), they de facto hard fork and create a new coin.

The new coin could replace Bitcoin. But why would anyone leave the original chain/consensus ?

Miners could threaten to make the original chain unusable, multiplying reorgs and nuisance. The cost would be astronomical and only coordinated pools could, in theory, do this.

But if they do, the individual miners would instantly redirect their hashrate to unaffected pools. The attack would fail within minutes.

Institutions could choose to leave the original chain, but is it that much of a sell pressure ? Maxis would be thrilled by the redistribution. And institutions will have lost everything.

The miners work for the nodes, which are the bitcoin end users.

Run a node.

Reply to this note

Please Login to reply.

Discussion

Avatar
Peace K 🪙 2mo ago

What I am describing is chain reorts + changes in cap limits.

You ar correct that this is a de facto hard fork. Yes, those who use knots won't be affected. But the media will continue to call the core Bitcoin, Bitcoin. KYC institutions will only accept core Bitcoin. The knots Bitcoin value will drop.

It won't help to use knots. If the demand for knots Bitcoin will drop, the value will drop.

ab
SilentWave 2mo ago

That's a political discussion. No idea what Bitcoin users will agree on consensus in the future. But what is for sure is that there is no technical obligation however the pressure from big players. People may leave the chain on political pressure yes, but will there always be a cluster of maxis to defend bitcoin as money til the end ? Will they be enough ? I sure hope so.