Post
Topic
Board Bitcoin Discussion
Re: ToominCoin aka "Bitcoin_Classic" #R3KT
by
leemar
on 26/05/2016, 13:24:50 UTC
Quote

And even if we did, it would be futile, since neither devs nor miners can force users to adopt it.
It is literally technically impossible for miners to activate a HF period.



This is incorrect, as is the article on the first page of the thread quoted in Adam’s tweet.

That two of the most influential technical people in Bitcoin are saying this is a bit worrying.

All that matters is the longest chain and to equate those that can propagate blocks with those that can build on the blockchain is wrong.  If we take the scenario in the article where I add the moniker "42" to the block header and convince all non mining nodes to do the same.  The article goes on to say …

" The work that the miners would put into creating non-42-bearing blocks would be wasted, and their compensation, in Bitcoins, on a blockchain that none of us accept, would be worthless. New miners would emerge who place the magic number on every block."

The work would not be useless.  Just because the number of nodes building the chain goes down from thousands relaying block to dozens building blocks doesn’t mean a new bitcoin blockchain emerges.  And who the F*ck is "us"  we don't matter only hashing power matters, that's the whole point.

He goes on to say.....

“New miners emerge” ....  really!  With what hashing power?