Post
Topic
Board Economics
Re: Bitcoin vs. All Other Coins, are they hurting Bitcoin?
by
devphp
on 23/05/2014, 07:35:20 UTC
If someone comes up with a great idea it can always be incorporated down the road.

Yeah, I keep hearing this. But I don't think it works in practise.

Just one example: someone came up with a good idea to run a few independent mining algos in a coin (Myriadcoin does this) to get rid of 51% attack concerns. There is no way Bitcoin miners who invested millions into ASICs will agree to switch to a hard fork even if bitcoin developers release the new bitcoin code with a few independent mining algos. So basically, miners control what they think is a good idea or not, not users.

Of course not, the miners also secure the network and spend a lot of money to do it. Free people in free markets will always act in their own self interest. That is the nature of commerce. To expect a group of people to agree to destroy their own investment is not logical or rational. 

Right. That's why I don't expect great ideas to be easily or at all incorporated into Bitcoin code.