Re:What would it take for Bitcoin to fail?
by big-green-man on Sunday December 29, 2024 @03:19PM
(#42542698)
Bitcoin has become harder to change the more people use it. This is true of all decentralized consensus systems that require consensus to modify. The only way this happens is if the majority see the impending outcome clearly, of course by then the damage will have already been done.
I think by that time, if the network effect has grown further and more parties have invested large money in it - they’ll just find a way to fix that.
For example, they may move to proof of stake.
It would ruin the decentralisation imo, but it doesn’t matter because it would save their value (money) and that’s what every participant will want first and foremost
It goes to show that because it’s software that holds money, when push comes to shove, people will just agree on a new version to save their money