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Wrong. Economic majority decides which fork will live and which fork will die. Miners have no say. If they are unhappy, they may attempt to attack fork abiding
by exo762 8y ago
Wrong. Economic majority decides which fork will live and which fork will die. Miners have no say. If they are unhappy, they may attempt to attack fork abiding to new rules. Whey have three venues of attack.
1. Producing blocks that abide to old rules will do nothing - client software will just reject them as incorrect. Fork choice rule (e.g. longest chain or most work done) applies when choosing between two valid blocks, not between valid block and invalid block.
2. Attempts to do a famous 51% attack is crazy expensive and have low impact. Why low impact? Because small events that are similar to rewriting history 51% attack does happen all the time. They are called block reorgs and all the software which uses blockchain as a data store have to handle it properly. Also, such attack will be perceived by users as attack on them, solidifying community around opposition to miners.
3. Targeting difficulty adjustment algorithm by mining on a fork and leaving it at the beginning of adjustment period. Lets imagine 80% of miners leaving. For Bitcoin it would create a situation when adjustment period would last 8 weeks instead of 2. Blocks would be produced every 40 minutes at average instead of 10. Ethereum is immune to this type of attack since difficulty adjustment is done every block, not every 2016 blocks.
- iSnow 8y agoThere's additionally 4. Targeting transaction throughput via spam/dust attacks where malicious miners introduce empty blocks or transactions with very small sums to clog up the network/drive up tx fees. To my knowledge, this has been tried against BTC, ETH, NEO, and BCH, where at least the dust attacks against BTC were done to try to force a big-block agenda.
- hanniabu 8y agoAll of the things you listed are in the miners control. Of course this requires economic means, but just having economic right is not enough, you still need to contribute to mining.
- exo762 8y ago> All of the things you listed are in the miners control. May I ask you to elaborate? My point is - miners' power over the network is extremely limited. They are just a paid work force, working on a very small margin. They have almost no say where network will go in terms of evolution.