Re:Hal Finney’s proposal for optimizing Bitcoin to be enable...
by theelous3 on Monday September 28, 2020 @07:33AM
(#24615505)
Yes, this is what I meant as backfire.
Even if all of the miners made a change, if it doesn't align with the public perception, the value will vanish.
The economic majority is basically tied directly to this. It's not only the holders of btc that decide the value. The more it aligns with what the public wants from a parallel currency, the larger the want, and the larger the economic majority. If the miners disalign with the hodlers, it dies. If the miners and hodlers conspire, it still dies.
Even if all of the miners made a change, if it doesn't align with the public perception, the value will vanish.
The economic majority is basically tied directly to this. It's not only the holders of btc that decide the value. The more it aligns with what the public wants from a parallel currency, the larger the want, and the larger the economic majority. If the miners disalign with the hodlers, it dies. If the miners and hodlers conspire, it still dies.