Post
Topic
Board Speculation
Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion
by
xyzzy099
on 15/01/2015, 00:27:32 UTC

Well, it seems that we have very different views about the motivations and ideologies of miners and other players.  I don't know how we could resolve this difference, so let's leave it at that.

However, note that a large fraction of the miners are Chinese; that the Chinese may not have much trust in bitcoin as the currency of the internet; and that miners, more than any other bitcoiners, cannot plan much beyond a 2-year horizon, because their equipment quickly becomes uncompetitive due to improvements in the energy efficiency.

I don't think there is any viewpoint involved.  It is simply an observable fact that ONLY the consensus of miners decides what IS Bitcoin protocol, and what is NOT Bitcoin protocol.  Miners will presumably act in there own self-interest, which, I believe, involves maintaining the value of the coin they are mining - which, again, would obviously be destroyed by allowing the protocol to be arbitrarily changed by anyone who promised to buy a bunch.

It's not clear to me why you seem to feel that the nationality of said miners is relevant.