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Miners in Proof of Work don’t control the rules. There have been multiple attempts to exercise hash power as political control in Bitcoin that have failed. Ther
by ftlio 4y ago
Miners in Proof of Work don’t control the rules. There have been multiple attempts to exercise hash power as political control in Bitcoin that have failed. There already exists precedent regarding the political power of running your own node with incredibly low capital requirements relative to mining.
Ethereum is already in a battle over what consensus rules actually exist. Large scale staking enterprises such as exchanges are signaling their intent to follow extra-protocol conventions, and if they control a supermajority of staked ETH, they control the right to slash. The only way to have a voice in it is by acquiring $50,000 in ETH.