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If miners attempted to hard-fork in inflation, do you think users would follow their chain? It was already attempted on the first halving from 50BTC to 25BTC.
by sparkie 8y ago
If miners attempted to hard-fork in inflation, do you think users would follow their chain?
It was already attempted on the first halving from 50BTC to 25BTC. Guess which one won?
Miners don't make the rules. They enforce them. The network of economic users decide the rules that they are willing to validate in their software client.
- bduerst 8y agoThis fact makes bitcoin even more dangerous. Miners are only going to fork the network in a direction that benefits them, sometimes at the expense of everyone else and the network. This is called tragedy of the commons, and the block-size debacle is an example of that.
- sparkie 8y agoThe only direction that benefits miners is the direction where they have the maximum potential for profit by selling the coins they earn through transaction fees. This will inevitably be the network which most people are transacting on. The actual incentives are a bit skewed currently because transaction fees are dwarfed by the block subsidy.
- bduerst 8y agoRiiiight, and fisherman only fish the species that are most prevalent in the sea. You don't know how tragedy of the commons works, do you?