Re:Flaws in Bitcoin make a lasting revival unlikely
by schmichael on Wednesday March 27, 2019 @09:17PM
(#19508176)
If a majority of miners (hash power) decide to mint more, there will be more. The code change is a simple one. The politics and economics are, as always, much more complex.
[ Parent
| on HN ]
Re:Flaws in Bitcoin make a lasting revival unlikely
by martindale on Wednesday March 27, 2019 @10:13PM
(#19508522)
If a majority of full nodes (validators) reject blocks from those miners, their chain will be orphaned and the block reward will fall to the subsidy they've created for themselves (where block_reward = block_subsidy + block_fees).
Bitcoin has value because this just isn't possible, in practice.
Re:Flaws in Bitcoin make a lasting revival unlikely
by schmichael on Wednesday March 27, 2019 @10:21PM
(#19508578)
> just isn't possible
It's absolutely possible. Who runs nodes? There's no way to know that the majority of hash power doesn't already control a majority of nodes.
Re:Flaws in Bitcoin make a lasting revival unlikely
by martindale on Thursday March 28, 2019 @02:22AM
(#19509731)
As long as you run your own node, it doesn't really matter who runs the rest. If a peer relays an invalid block to you, disconnect from that peer and defer to the chain with the most work.
Have you read the paper?
Re:Flaws in Bitcoin make a lasting revival unlikely
by schmichael on Thursday March 28, 2019 @11:06AM
(#19512884)
If a block is accepted by a majority of nodes and miners it isn't invalid.
Your own personal node is free to implement different logic, but it will be unlikely to interact in a functional way with the rest of the network.
Re:Flaws in Bitcoin make a lasting revival unlikely
by martindale on Friday March 29, 2019 @07:35PM
(#19526510)
The full node operators are typically holding Bitcoin, and I just don't see anyone willingly accepting a reduction in the value of their assets. Any such block would be viewed as an attack on their sovereignty.