Post
Topic
Board Bitcoin Discussion
Re: Do miners really think destroying Bitcoin will make them rich?
by
dinofelis
on 24/03/2017, 15:24:15 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.

Proof of work consensus system.

Quote
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.

Of course it could exist, but it was not designed that way.  Call it a design error, call it "on purpose", I don't know.  But if the consensus is Proof of Work, those delivering Proof of Work decide about consensus, and hence about everything.  Except the market of course.  That's the users.