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But if China has the majority of mining power, they can start mining your fork and do as they please with it.
by stefano 9y ago
But if China has the majority of mining power, they can start mining your fork and do as they please with it.
- che_shirecat 9y agowhich (at this point in time and in the foreseeable future) they definitely do.
- flyGuyOnTheSly 9y agoThen you fork to proof of stake or another proof that mining-power alone cannot control.
- tannerbrockwell 9y agoI agree that centralization is antithetical to Bitcoin, game theory says that it is to China's advantage to mine for profit. I believe they will want to mine and hodl, vs sell immediately to cover costs. Think of it as their strategic crypto reserve... how much is enough to float an e-yuan?
- ComodoHacker 9y agoThis would be a good test for the whole concept of decentralized cryptocurrency and Bitcoin design in particular.
- relyio 9y agoBitcoin could hard-fork to a memory-hard algorithm (like Lyra2RE), or even change to any hashing algorithm for which ASICs don't exist yet. Even if they switched to Scrypt (from SHA256) for which dedicated hardware exist, it would cost them millions of dollars and require months of manufacturing re-organization to get to their share of hashrate. Of course, the miners would still be able to mine the old fork and at that point it is more likely that an altcoin (like Ethereum, Litecoin or Vertcoin) would eat up Bitcoin's marketshare.