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This is a good thing for Bitcoin. The ETF rules in my opinion gave too much power to miners. The rules stated that the ETF would follow the chain with the most
by Taek 10y ago
This is a good thing for Bitcoin. The ETF rules in my opinion gave too much power to miners. The rules stated that the ETF would follow the chain with the most work after just 48 hours.
Miners need income, because mining is actively expensive. In the long term, this means they have to mine on the chain with the most valuable block reward. This means the economy really gets to decide the longest chain, not the miners.
But the ETF likely would have been large enough to tip the scales. Miners can stomach 48 hours of loss to push an agenda.
And it's probably not good to have such a huge portion of the economy in one place anyway. An ETF will make more sense when bitcoin has more maturity.
- Analemma_ 10y agofunction generateBitcoinNewsReaction(oldPrice, newPrice) { if (oldPrice > newPrice) { return "This is good for bitcoin."; } else if (oldPrice < newPrice) { return "This is good for bitcoin."; } else { return "The price is stabilizing; this is good for bitcoin."; } }
- SilasX 10y agofunction generateBitcoinSkepticism(oldPrice, newPrice) { if (oldPrice > newPrice) { return "It was a bubble all along."; } else if (oldPrice < newPrice) { return "Deflationary currencies can't work"; } else { return "The market cap is too low to support a stable currency"; } }
- deleted 10y ago[deleted]
- kaleidoscopica 10y agogenerateBitcoinNewsReaction(); generateBitcoinSkepticism(); generateButteryPopcorn();
- colordrops 10y agoLots of frontend devs here on HN huh.
- wyager 10y ago"Everyone who has an opinion on how Bitcoin is doing is the same person."