Post
Topic
Board Bitcoin Discussion
Re: Do miners really think destroying Bitcoin will make them rich?
by
deisik
on 24/03/2017, 13:07:28 UTC
The only thing that is happening, is that miners are essentially quite happy with the current form of bitcoin, it brings them guaranteed fees in the future, and don't want this to be MODIFIED seriously.  Core has decided to force a modification upon them which would take the essence of the fees to another layer.  THIS is what miners don't want.  So they will side with anybody who helps them stop these modifications.  They want immutability, because it suits them.  Immutability was what bitcoin was designed for.  Bitcoin is what it is, and will not change if that change is against the interests of a part of the community.  That was the whole idea.  Only (technical) changes that don't matter for people's situation can eventually be implemented

Miners, miners, miners (in Steve Ballmer's voice)!

Miners here, miners there, miners everywhere. The basic problem with miners is that they have too much power over Bitcoin, which they shouldn't have had in the first place. After all, Bitcoin is supposed to be decentralized or what? I know what you are going to say, namely, that without miners Bitcoin could not exist. But it is not the overall utility of miners that matters here, it is their marginal utility which is important. There is plenty of air around, and you don't basically care if someone breathes in more air than you. The matter is essentially the same with miners, their marginal utility should necessarily be made very low (if we want Bitcoin to stay or revert to being properly decentralized). And that would be possible only through heavy decentralization of mining, the process which would be diametrically opposite to what we have by now