Author: Mike Hearn 2014-04-23 15:09:39
Published on: 2014-04-23T15:09:39+00:00
According to a statement, Bitcoin should work even if individual miners try to maximize their pay-offs without colluding with anyone. Non-collusive miners cast votes based on the outcome of their attempts to double spend, and if enough agree, then they all agree that the vote is binding. The word "honest" might have different meanings that can cause confusion, but in the same sense, Satoshi used it. Honest miners work to prevent double spends, which is the entire justification for their existence. Miners that deliberately try to double spend are worse than useless.
Updated on: 2023-06-08T20:47:47.828369+00:00