Re:The Problem with Ethereum
by silasdavis on Wednesday August 11, 2021 @09:34AM
(#28141769)
Thanks for responding. So you are saying full nodes are the users? They can provide connectivity but full nodes that don't mine can't continue a fork (where fork is any fork including the original) without there being people willing to mine that fork. So that's why I think miners have the ability to fork.
> The ETC fork would have been successful at any non-zero support level from people with the ability to mine.
It would be economically irrational for people to send transactions to a fork with a single miner since that miner could unilaterally rewrite any transactions as they see fit. This is why I think miners have the ability to control forking.
Forking a coin is free. Anyone can fork any coin at any time. Most miners will mine whatever makes money, but some may mine for a possible future payout or altruistic reasons.
A fork is generally considered successful if it carries economic value. That is decided by the amount of users transacting in the currency. Working exchanges are a requirement for this, but not enough (as has been experimentally demonstrated).
The ETC fork would have been successful at any non-zero support level from people with the ability to mine. And since any CPU can mine (just inefficiently), any fork can get a mining baseline. That may not give you a ton of security but it works.
People who run full nodes are the ones that decide hard forks.