Alireza Seifi

@alirezaseifi

Miners don’t control Bitcoin!

Since we’re still talking about hash wars, I don’t want to comment on the whole BCHABCDEFG shenanigans but I do want to point you in the right direction.

There’s a common misconception that miners control Bitcoin.

And if you think miners control Bitcoin, I can’t get mad at you, it’s also not a super intuitive concept to understand.

Miner consensus is only relevant if they mine valid blocks. If they mine a different “coin”, users are not obligated to switch.

A miner can spent billions of dollars on energy and hash rate mining blocks…but if it doesn’t follow the rules to which you agree, you can reject those blocks.

Folks running nodes are independent validators that checks everything in accordance with the current consensus rules.

(You can read more about this 👇)

TL;DR — No nodes, no consensus.

If you want to understand this better, check out Pierre Rochard’s speech on Bitcoin governance.

I’ll end this recap with a dose of hopium

Bitcoin price is ~84% cheaper than last year…yet it’s more mature, developed, lindy, etc…

What a time to be alive……..

Don’t say I never done anything for you.

More by Alireza Seifi

Topics of interest

More Related Stories