Quote from: mikeywith on January 11, 2024, 12:41:05 PM

Quote from: takuma sato on January 11, 2024, 04:30:12 AM

I should have said miners and developers. Of course you need the hashrate too, but that can be bought. If ETF-BTC can promise higher valuations, miners may follow, since they are economic actors that seek profit.

It is like saying someone will trade the oxygen in their lungs for another chemical element that "might" be more efficient, it either works great or you die.

This might be a bad exaggeration but as someone who has spent almost everything I have on my mining business, I would not take the smallest risk for burning that down, reflect that on others who invested more than I did and probably have debt to pay, nobody in their right mind would risk damaging bitcoin in the way you describing, ya a little more profit for some thing "unethical" is always expected, aside from that, it won't happen.

The main major aspect of Bitcoin POW security is that miners will always try to protect BTC from such attacks that could deem bitcoin worthless.

The big problem is as the mainstream (voters) get into BTC through ETF and other user friendly products, that means potential voters losing money that turn into pissed off costumers at BTC, which start demanding changes on the code. Politicians will do whatever it takes to collect ballots, so if there is a big movement of angry people that want to change the BTC protocol for whatever reasons, that's something to consider.

There may also be a big chunk of the population mad to see others getting rich from BTC, and start demanding that mining is banned and whatnot. Consider that people like AOC could become presidents in the future. If they get a real chance to ban mining, they will try.

BTC should wake up from this ETF euphoria one day and realize it is an adversarial asset in nature, and must be ready for that.