Re:Crypto Tokens: A Breakthrough in Open Network Design
by um_ya on Saturday June 03, 2017 @02:35PM
(#14477731)
If these malicious miners you speak of "change the rules", it creates a fork in the blockchain. Even if they have a majority hash rate, if the economy does not support their decision, the market value of that forked chain will be low while the unchanged fork will keep the market. A group of malicious miners can do very little to destroy bitcoin.
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Re:Crypto Tokens: A Breakthrough in Open Network Design
by drdeca on Sunday June 04, 2017 @01:21AM
(#14480013)
Depends on the sort of change, doesn't it?
Isn't that the soft-fork / hard-fork distinction?
It is true that miners in general cannot use their hashpower to force a hard-fork, but they can, I think, cause a soft-fork.
And, soft-forks can do a lot of stuff.
Re:Crypto Tokens: A Breakthrough in Open Network Design
by SomeStupidPoint on Saturday June 03, 2017 @02:37PM
(#14477736)
In what way does the same logic not apply to banks?
Re:Crypto Tokens: A Breakthrough in Open Network Design
by bluesteel44 on Saturday June 03, 2017 @04:28PM
(#14478317)
Banks can position themselves to benefit from a depreciation of any given currency, miners are tied to the success of the one they've chosen.
Re:Crypto Tokens: A Breakthrough in Open Network Design
by SomeStupidPoint on Saturday June 03, 2017 @05:13PM
(#14478534)
Can a miner not distribute their effort and holdings?
Re:Crypto Tokens: A Breakthrough in Open Network Design
by Obi_Juan_Kenobi on Saturday June 03, 2017 @08:04PM
(#14479184)
Miner hardware is tied to the specific proof-of-work algorithm used in the cryptocurrency they mine. They make extensive capital investments that are, at least in the case of Bitcoin, useless for any other purpose.