Post
Topic
Board Bitcoin Discussion
Re: Bitcoin "mining cartel" (centralization power)
by
Shimmiry
on 11/10/2020, 10:20:15 UTC
When Bitcoin becomes more adopted by countries and companies that use it as a store of value, is it possible for some "mining cartel" to have enough mining power to influence any kind of economic or political decision? I'm not talking about "control the network", but more in a form of economic conjuncture.

Then what would they do with the millions of Bitcoins they could possibly have? Pump its price? Would people even buy it if this would happen? Basically, they can have as much as Bitcoin they like. But it would just be an opportunity to alternate cryptocurrencies to skyrocket. Also, who the hell would buy and make a mining cartel that could cost more than they earn in months? Apparently, crypto mining is for the long term. Hence, regardless of how many BItcoins they might and could have, it still wouldn't affect the vast crypto-space in its economic status.