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How can they not dictate monetary policy? They could conceivably cause inflation by increasing mining rewards or perhaps deflation through coin destruction.
by jayd16 6y ago
How can they not dictate monetary policy? They could conceivably cause inflation by increasing mining rewards or perhaps deflation through coin destruction.
- jude- 6y agoMiners don't decide what software other people run, that's why. If a miner tries to mint themselves more Bitcoin than they are due, then their block will be rejected by the network.
- jayd16 6y agoThe scenario in question is when a small group has control of the network through consolidated hash power.
- doggosphere 6y agoThat would require changes to the codebase which most nodes probably wouldn't support. Which would be creating their own fork. You can't just "increase mining rewards" as a miner.