Quote from: TransaDox on July 12, 2015, 04:26:39 PM

Quote from: JorgeStolfi on July 10, 2015, 02:39:46 AM

There is still some hope though: if the price crashes to below 1$, all the industrail miners will go bankrupt, and bitcoin may then return to how it was in 2009, with mining well distributed through the remaining clients.

This is the crux of the issue that I have real concerns about but I don't think it is as trivial as wait until miners go out of business. That's just a boom/bust cycle waiting to oscillate.

I also think the current lack of real opposition to Bitcoin is down to the old financial institutions seeing that the current trend is pushing Bitcoin into a centralized system. They will just step in at some point and start buying up the infrastructure since whoever controls the miners; controls confirmations and therefore the money flow. How would users fare with 3 of the largest mining pools all owned by Goldman Sachs saying they want to make bitcoin inflationary? How would you stop it?

Miners dont really control the protocol like that.

Broken clients would recognize their fake blocks, but only until we fix the broken clients:

https://gist.github.com/justusranvier/451616fa4697b5f25f60