Author: ZmnSCPxj 2017-10-13 04:45:33
Published on: 2017-10-13T04:45:33+00:00
The discussion begins with the assumption that miners prioritize profitability, meaning they will choose to mine the chain that yields more rewards in fees and/or higher-valued tokens. The argument is made that, in the current situation, a faster measurement of hashrate for difficulty enables more efficient and accurate economic determination and can prevent "bad money" from driving out good. However, it is noted that all chains must follow the same difficulty adjustment and that hardforks are generally a dangerous invitation to disaster. The conversation then shifts to the role of developers, users, hodlers, and miners in bitcoin governance. Hodlers are described as the new 1%, holding 90% of the coin and lobbying for security and price increases, while miners are like banks lobbying for higher total fees. Users are the group that developers need to protect against both hodlers and miners, and they care most about stability rather than price. Finally, the idea of expanding the coin quantity to keep value constant is brought up, but this is seen as a massive departure from the conception of Bitcoin as having a fixed limit and effectively becoming deflationary.
Updated on: 2023-06-12T21:41:05.892223+00:00