Attempting a hard fork from Bitcoin is not only technically challenging but also financially unwise due to the power of network effects. A hard fork similar to creating a copy of Wikipedia on your own website in that it has far less miner computation and fewer nodes, making it inherently more centralized and vulnerable to censorship attacks than the legacy chain, which benefits from its time-tested infrastructure ecosystem and worldwide volunteer army constantly working towards maintaining blockchain security while promoting decentralization throughough PoW mechanism enssuring innovation-based competition from miners involving complex computational functions contributing positively towards broader industry solutions down the road.So, forking an established digital currency like #Bitcoin would inevitably create a weaker version with non-sustainable propositions able to compete effectively against top-tier players that already benefit from strong adoption rates among users worldwide consolidating their positions as reliable store-of-value opportunities suitable for long-term investment portfolios strategies compared traditional currencies such as #USDollar or precious metals.

Reply to this note

Please Login to reply.

Discussion

Dumb questions but if the likes of BlackRock, Fidelity, and others work together, could they initiate a hard fork or is this similar to the 51% rule?

My understanding is that, I hard fork is always possible, if enough noise is created to promote the hard fork. They are part of the network, they have a voice, they can create noise, but they don’t have the power to change it arbitrarily. Does it make sense?

Yes a bit, thank you.

🙏