Author: Allen Piscitello 2015-09-29 17:43:55
Published on: 2015-09-29T17:43:55+00:00
The basic security assumption of Bitcoin is that a supermajority of miners are honest. However, this does not mean that they are infallible or will always make reasonable decisions. Miners may misjudge the market and change their minds based on new information. It is also possible that unforeseen factors may come into play that could cause them to revert back to a previous decision. Labeling their actions as insane or crazy is unproductive. While most entrepreneurs are a little bit crazy, the vast majority of Bitcoin miners are economically rational and want Bitcoin to succeed. This has been demonstrated in accidental consensus forks. Those who don't trust the majority of miners should consider looking for another system. The reliance on SPV only applies if you start with the premise that the majority of miners are honest.
Updated on: 2023-06-10T23:26:43.011938+00:00