Post
Topic
Board Bitcoin Discussion
Re: hypothesis: BU motivations (NO PROOF)
by
Xester
on 28/03/2017, 13:25:30 UTC
I would like to share an hypothesis.

With enough asics a group of miners could offer/sell an alternative to SWIFT for banks?

The group could settle a secret agreement with some banks to raise a few billion US$ for their hash capacity (they would have to leave bitcoin).
They would need something like 40% to 50% of bitcoin hash rate to avoid attacks (Bitcoin unlimited is in almost 40%?).
They would have to keep building asics to keep hash capacity in bitcoin level. Or build even more.
Them we would live in a world with 2 major coins. Both only vulnerable to each other hash capacity.
The miner (banks backed) would have lot of budget to keep pumping asics until bitcoin is forced to change POW or other mitigation strategy.
The group would guarantee its future in asics manufacturing and operations and would ´t care if bitcoin fails. Quick $ with low risk. As it would have a signed contract with major banks to back them.
Actually this group of miners would gain with bitcoin suffering.
Banks could have a chance to have its own SWIFT and damage bitcoin considerably, gaining more time for their fiat party, with very low costs for them(comparing to acquisitions we are seeing today and the SWIFT value)

You have a good imagination. Though your idea is far fetch and far from the truth but it can be real  sometime in the future. We can call your post a conspiracy theory since there are no solid evidence that can back up your claims thus it remains as a theory or a hypothesis that lacks clear proof. But the moment you post your idea here you are giving an idea to the miners a way to earn fast money without thinking the negative effects on bitcoin.