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> So if some plurality of rich stakers wanted to do a hostile takeover of a network, the community could create a fork where the oligarch coins are frozen and c

> So if some plurality of rich stakers wanted to do a hostile takeover of a network, the community could create a fork where the oligarch coins are frozen and continue from there. What's the "community" here? What would incentivise users to consider the new fork to be the legitimate one? If rich oligarchs control the first one - how do you build trust in the new one as opposed the current one? As a fiat currency - I would assume the rich oligarchs would have a great chance of leveraging wealth into ensuring that the current coin gets marketed and hence holds trust? The USD holds its current position because the US Gov stands behind it - what would keep the oligarchs propping the current coin up as opposed to the forked coin? I'm sorry if this sounds silly - as I'm not very into crypto.

chrisco255 5y ago
This has already happened: https://cryptoslate.com/steem-community-fights-justin-sun-with-hostile-hard-fork-catalyzing-massive-volatility/ https://cryptoslate.com/steem-community-fights-justin-sun-wi... Justin Sun tried to take over the Steem network and the community simply forked it. The network that has the most legitimacy is a matter of social consensus, always. That's true of all currency, by the way. If the world starts to reject a currency, that currency can undergo tremendous inflation in a rapid amount of time. This same fate that has happened to other currencies could happen to the USD. The German Mark lost its value in the 1920s. The Argentine peso is currently undergoing the same effect: https://tradingeconomics.com/argentina/inflation-cpi https://tradingeconomics.com/argentina/inflation-cpi Supply and demand are laws of economics. Can't be avoided. Currency issuers can control supply but they can't necessarily control demand. They can try to influence demand, but ultimately it rests on a community or a marketplace to decide that. Doesn't matter how absolute your power is, you can't beat economics in the long run. Read a history book about all the failed empires of history. It's almost always a monetary phenomenon that does them in.

chrisco255 5y ago

This has already happened: https://cryptoslate.com/steem-community-fights-justin-sun-with-hostile-hard-fork-catalyzing-massive-volatility/ https://cryptoslate.com/steem-community-fights-justin-sun-wi... Justin Sun tried to take over the Steem network and the community simply forked it. The network that has the most legitimacy is a matter of social consensus, always. That's true of all currency, by the way. If the world starts to reject a currency, that currency can undergo tremendous inflation in a rapid amount of time. This same fate that has happened to other currencies could happen to the USD. The German Mark lost its value in the 1920s. The Argentine peso is currently undergoing the same effect: https://tradingeconomics.com/argentina/inflation-cpi https://tradingeconomics.com/argentina/inflation-cpi Supply and demand are laws of economics. Can't be avoided. Currency issuers can control supply but they can't necessarily control demand. They can try to influence demand, but ultimately it rests on a community or a marketplace to decide that. Doesn't matter how absolute your power is, you can't beat economics in the long run. Read a history book about all the failed empires of history. It's almost always a monetary phenomenon that does them in.