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I don't think any of that is a contradiction to the main claim that 'miners control the network'. The very fact that miners are beholden to the economics is th
by Obi_Juan_Kenobi 9y ago
I don't think any of that is a contradiction to the main claim that 'miners control the network'.
The very fact that miners are beholden to the economics is the key innovation in Bitcoin. It's the magic of the whitepaper.
> The incentive may help encourage nodes to stay honest. If a greedy attacker is able to
assemble more CPU power than all the honest nodes, he would have to choose between using it
to defraud people by stealing back his payments, or using it to generate new coins. He ought to
find it more profitable to play by the rules, such rules that favour him with more new coins than
everyone else combined, than to undermine the system and the validity of his own wealth.
It is precisely because miners have a vested interest in the economics of Bitcoin that they control the network. That's the magic behind 'Nakamoto consensus'.
> They vote with their CPU power, expressing their acceptance of
valid blocks by working on extending them and rejecting invalid blocks by refusing to work on
them. Any needed rules and incentives can be enforced with this consensus mechanism.