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Re:Bitcoin is fiat money, too by Retric on Friday September 22, 2017 @09:43PM (#15317538)
Without massive investments in ASIC's you have effectively zero influence. Until you have 51% of the hash power you can't make any changes as you simply get ignored unless you follow the exact same rules as the majority.
Re:Bitcoin is fiat money, too by tomsthumb on Friday September 22, 2017 @11:03PM (#15317839)
> Until you have 51% of the hash power you can't make any changes as you simply get ignored unless you follow the exact same rules as the majority

This is exactly their point. This applies to everyone and all organizational entities.

Re:Bitcoin is fiat money, too by Robotbeat on Saturday September 23, 2017 @12:44AM (#15318152)
Well, "whoever is in power makes the rules" applies to everyone and all organizational entities, too. In this case, we're talking hash power, but same thing, isn't it?
Re:Bitcoin is fiat money, too by _coldfire on Saturday September 23, 2017 @01:13AM (#15318260)
A huge amount of hashpower was behind the desire for bitcoin cash, and that didn't work out.

Think some underestimate firstmover advantage and end-user inertia.

Re:Bitcoin is fiat money, too by sneak on Saturday September 23, 2017 @08:48AM (#15319509)
Actually, even with 51% of hashpower, you cannot force all the other nodes to forward or propagate your invalid blocks if you decide to start changing the rules.

This is a common misconception about bitcoin. Every single node on the network validates every single block, not just miners.

Re:Bitcoin is fiat money, too by tboyd47 on Saturday September 23, 2017 @09:30AM (#15319631)
Thank you. I see this argument pop up on HN all the time and can't understand why it's so common. You'd think if a 51% attack were such a threat to Bitcoin it would have at least been attempted by now, after so many years.
Re:Bitcoin is fiat money, too by Dylan16807 on Saturday September 23, 2017 @04:15PM (#15321487)
Why do you think that?

Being able to fake blocks isn't significantly more useful than being able to double spend. I don't see why that would be the tipping point.

The reason you don't see these attacks is that they are difficult and very expensive and they would ruin the value of the coin so you can't even profit off it.

Re:Bitcoin is fiat money, too by tboyd47 on Sunday October 01, 2017 @04:02PM (#15379504)
That is precisely my point
Re:Bitcoin is fiat money, too by Taek on Saturday September 23, 2017 @12:21AM (#15318091)
The point is not that you can set rules, it's that you can prevent other people from changing the rules without your consent, even if they are the majority.

You still have freedom to pick the rules to a small degree though - you choose which blockchain to use. Don't like bitcoin? Try bitcoin cash/ethereum/ethereum classic/litecoin/dogecoin/Monero/siacoin/decred/etc etc.

A common misconception is that miners can pick the rules, but they can't. They can only choose to enforce additional rules (which is powerful), they can't ever violate the original rules.