Post
Topic
Board Bitcoin Discussion
Re: Will Bitcoin be replaced by another cryptocurrency?
by
Sundark
on 25/02/2017, 19:37:12 UTC
You make it look as if miners had determined the success of Bitcoin

While in fact any particular miner, a group of miners, or a large assembly of miners (also known as mining pools) are totally irrelevant. If 99% of miners leave today, tomorrow 10x more people will be confirming transactions on their personal computers for 10x less reward, or for no reward at all, just for fees alone or out of necessity to support the Bitcoin network ticking. Miners have usurped the power which they simply shouldn't have in the first place just because they are totally "fungible"
But if we lose some of the hash power isn't bitcoin network gonna choke? How fast it takes for mining difficulty to adjust?
With less hashing power we will have security problems and bitcoin could be targeted and become a victim of hostile takeover.
Miners are abusing their position but at the same time they are guarantor of network security.