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It's more like introducing a new $10.000 dollar bill that only you accept, but no-one else. He's making it sound like Bitcoin is all about freedom of choice, w

• ianpurton 11y ago
  It's a little more complicated than that. Assuming you are correct about the 6 Chinese miners controlling > 50% of the hash power they could indeed collude and support a new block size. When the first large block arrives the blockchain splits effectively creating a new currency. Old Bitcoin and New Bitcoin. It's the Bitcoin infrastructure in terms of exchanges and wallets that will decide which of these coins will be the winner. Basically if you have 1 Bitcoin before, then after the split you will have 1 Bitcoin in each chain. The market will decide which of these coins will hold value. It's not the first time the blockchain has split.
• tyho 11y ago
  That's a common misconception. The miners can do what they like, but if they start mining blocks that the exchanges (and everyone else) don't accept the blocks they mine, then they can't sell their coins. Bitcoins democracy comes not from what the miners think, but what the people who accept bitcoin as payment think.
  • XorNot 11y ago
    Almost like every other currency?
• yitchelle 11y ago
  That's what I was thinking. As a lowest common denominator, bitcoin, or any other thing for that matter, can be accepted as money if the other party accepts it in exchange. If no one accepts it, it is worthless.