Author: Jared Lee Richardson 2017-03-30 21:42:31
Published on: 2017-03-30T21:42:31+00:00
The discussion revolves around the possibility of a miner with sufficient hashrate leveraging large blocks to exacerbate selfish mining. The theory relies on propagation times and focuses on small miners versus large ones, but the idea is refuted by the fact that propagation times do not affect small miners disproportionately. Mining hardware does not validate blocks anymore, they only get the merkle root hash of the valid transaction set. Fear of other currencies passing Bitcoin in market cap is deemed unsubstantiated. Ethereum may pass Bitcoin in market cap, but it does not mean that Ethereum has proved superior to Bitcoin. A coin like Ethereum could pass Bitcoin in market cap because enterprises are really excited about permissioned blockchains. However, that's not interesting to some people at any market cap. Bitcoin's core value add is decentralization and trustlessness, which nobody is remotely close to competing with Bitcoin on those fronts.
Updated on: 2023-06-11T22:46:20.204009+00:00