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If Bitcoin governance is miner voting, doesn't that mean the Chinese now effectively control it? Or at least nearly so?
by api 11y ago
If Bitcoin governance is miner voting, doesn't that mean the Chinese now effectively control it? Or at least nearly so?
- kevingadd 11y agoThis has been strongly implied (if not explicitly stated) in some of the previous articles on this subject. The Chinese have a huge amount of hash power and once the difficulty goes up, I suspect they will have an even larger percentage of it because they have access to extremely cheap electricity. Miners in other countries will have a hard time competing. At present, a big part of the resistance to the 2MB blocksize is that the Core people have convinced Chinese miners that they will be unable to cope with the increased bandwidth requirements, IIRC.
- guelo 11y agoThe people that built giant hashing factories using custom silicon and dangerous amounts of electricity are not stupid. This idea that core developers have somehow conned the Chinese is almost insulting.
- kevingadd 11y agoI don't understand how you make the leap from "The Bitcoin Core people convinced them that X is true" to "The Chinese are stupid and got conned". This is a difference of opinion between the Core and Classic teams, and both sides have money at stake. That doesn't have to mean that one side is lying and cheating.
- kang 11y agoThat is a misleading point by Brian here, miners are not the only stakeholders. Eg: Majority of miners may decide on something but the users reject it through their nodes & miners coins & hardware would be rendered valueless.