Post
Topic
Board Bitcoin Discussion
Re: Bitmain announces plan to create altcoin if BIP148 succeeds
by
deisik
on 14/06/2017, 15:17:11 UTC
Majority hashrate + original blockchain = Bitcoin
Majority can only be economic

Economic majority doesn't mean shit unless they put their money where their mouths are and start mining. You could have 90% of all BTC and be completely unable to stop a hardfork because it's secured by proof of work, not proof of stake. And it's the hashrate that gives users the ability to trust the network. A minority fork is worthless because it's easily subject to a 51% attack giving users no reason to trust it

You didn't answer my question

Namely, what's the purpose of mining a coin which no one is going to use? Look, you tell about 51% attack which is possible due to aggregating enough hash power in a few hands but you fail to see how this entirely nullifies your own claim that hash rate is giving users "the ability to trust the network". What trust are you talking about if all hash rate is accumulated in just a pair of hands? It is not hash rate itself that matters, it is its proper distribution that secures the network (read decentralization). Further, if I had 90% of all coins, I could easily sell your fork into oblivion (and bid up the price of the genuine coin with the proceeds, hahaha)