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Another reason that I’ve seen brought up is that miners aren’t so coordinated. Somebody will have to actually fork the code, remove the difficulty bomb, change
by ruuda 4y ago
Another reason that I’ve seen brought up is that miners aren’t so coordinated. Somebody will have to actually fork the code, remove the difficulty bomb, change the magic parameters to not interfere with the PoS P2P network, etc. Then they have to get enough miners on board to use that particular fork. I think it’s a weak argument, but so far I haven’t seen any coordinated effort to continue mining after the Merge, so it could be a factor.
I think it boils down to a coordination/signalling problem again. Miners want to mine on the fork that they expect to succeed, but it will only succeed if it gets listed on exchanges, exchanges will only list it after it gains serious adoption, but it will only get serious adoption if miners agree on a fork, etc.
A historical example of this is SegWit2x in Bitcoin. It was originally proposed as a protocol upgrade, seemed to gain broad support, but miners and exchanges weren’t universally signalling that they would adopt it, and in the end everybody chickened out, and the change failed to be adopted.