6 ms·
I'd argue it's not the miners with the power - it's the people selling goods. A seller has to decide whether to accept a payment, and the seller's choice of blo
by ealloc 13y ago
I'd argue it's not the miners with the power - it's the people selling goods. A seller has to decide whether to accept a payment, and the seller's choice of blockchain (for verification) is what matters - even if only a few miners mine that chain.
Even if 99% of miners are on one of the chains, if sellers does not accept payment through that chain then bitcoin on it are worthless.
- tlrobinson 13y agoCorrect, this concept even has it's own wiki page, the "economic majority": https://en.bitcoin.it/wiki/Economic_majority https://en.bitcoin.it/wiki/Economic_majority
- kordless 13y agoI agree public sentiment is valuable. I've said for some time that marketing in the new economy will be everything. Funnels are collapsing - losing their sales layer. However, I'd argue it's the electric power going into the system that is mostly driving this. Compute must become more efficient, otherwise it dies.