Bitcoin Is Having a Civil War as It Enters a Critical Month

Re:Bitcoin Is Having a Civil War as It Enters a Critical Month by needs on Monday July 17, 2017 @04:34PM (#14792061)

By design, miners control Bitcoin. Before Ethereum, miners were fine with Bitcoin core because they were still making tons of profits, and blocks weren't full. They were almost all following core and that's why core has a lot of power.

Now that Bitcoin hit a scaling ceiling and a competitor who can scale way beyond Bitcoin is rapidely taking the lead, they finally realize why Core/Blockstream strategy is bad for them, and bad for Bitcoin. Hence they came up with setwit2x, wich is a weak attempt to get ride of Blockstream (because its segwit first, then 2Mb blocks, then... not much), but a strong signal that something is changing.

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Re:Bitcoin Is Having a Civil War as It Enters a Critical Month by statoshi on Monday July 17, 2017 @09:15PM (#14793665)

Miners provide security for the system, but they do so at the behest of the users. If they don't enforce the rules that the users desire, the users will reject their blocks and the miners won't get paid.

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Re:Bitcoin Is Having a Civil War as It Enters a Critical Month by gnaritas on Tuesday July 18, 2017 @11:47AM (#14797460)

Miners provide security and thus value to the system, if the users don't follow them, their coins lose security and thus value. The chain with the most hashpower has the value and the users have no choice but to go with it or they risk their coins losing value. The users are not in control.

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