Can the blockchain be frozen of miners stop validating transactions? - page 2.

Amph

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Quote from: pooya87 on July 06, 2015, 01:45:25 AM

i read somewhere that if all or so many of the miners turn off their mining equipment and stop mining, then the difficulty would decrease drastically.
so i think blockchain can not be frozen! as long as at least one person is mining bitcoin. and since the difficulty would be so low by then, solo mining would be doable.

well yes but not immediately, it need two week for that, mainwhile other miners will jon the party, because of the poissible profit

so in the end the diff will never decrease, and that's the reason why POW is great, because as long as there is profit to be made there will be always miners that will join the network it's a self sustaining thing

BillyBones

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Quote from: Possum577 on July 06, 2015, 12:22:53 AM

Reading all the news about Greece, thinking about how Bitcoin could be the alternative, got me thinking about whether the Bitcoin system could ever be frozen due to non-activity or a community consensus - could the blockchain be frozen?

I guess, you got to invest huge sum on Bitcoin trading, isn't it ? since you draw your mind to this extent that you worried about it's frozen state, good that you bring an attention regards to this, let's see further comments.

pooya87

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i read somewhere that if all or so many of the miners turn off their mining equipment and stop mining, then the difficulty would decrease drastically.
so i think blockchain can not be frozen! as long as at least one person is mining bitcoin. and since the difficulty would be so low by then, solo mining would be doable.

medUSA

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Quote from: Possum577 on July 06, 2015, 12:22:53 AM

What if the miners decided to stop working? What if the community decided to stop validating transactions? Wouldn't that freeze the blockchain and thereby put a halt to bitcoin the currency?

I believe there will always be miners for the foreseeable future when bitcon has resale value. The the sake of the argument, let's say all large mining farms are "on strike". What would happen? I don't know how much hashrate is from large mining farms, I assume 50%? The network hashrate will drop while difficulty is still high. Blockrate should also decrease to average of 20min/block. This would continue until the next difficulty adjustment.

There would not be a complete halt, solving blocks would be incredibly slow depending on how much hashpower is offline. You can still send transactions. Fee may skyrocket because everyone is fighting to confirm in the next block. It will not be nice Cheesy

Possum577

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Reading all the news about Greece, thinking about how Bitcoin could be the alternative, got me thinking about whether the Bitcoin system could ever be frozen due to non-activity or a community consensus - could the blockchain be frozen?

If I understand correctly, miners validate transactions which then create the blockchain (or blockchain history, forgive me if I'm using the terminology incorrectly).

What if the miners decided to stop working? What if the community decided to stop validating transactions? Wouldn't that freeze the blockchain and thereby put a halt to bitcoin the currency?

Topic: Can the blockchain be frozen of miners stop validating transactions? - page 2. (Read 1235 times)