If you don't trust 51% of the miners then there is no way you can trust Bitcoin. Trust in a majority of miners is the sole reason for anyone to trust the bitcoin network.
Topic: Do you trust the miners? - page 5. (Read 3610 times)
Anybody who trust miners is an idiot.
Now that Bitcoin is getting more popular and the demands increasing, the limitation of how many transactions can fit into a 1MB block threatens to slow everything down. You’d think the solution would be simple: make the blocks bigger. But any changes can make to Bitcoin Core only.
I don't know that we ultimately have much choice but to trust the miners - or rather, trust the miners to do whatever is in their financial self-interest.
The real question is what kind timescale the mining community has in mind when it looks at the financial basis of mining. If they are eager to jack up fees in the short run they could drive people to altcoins and kill the golden goose. So hopefully they will take the route of foregoing the extra earnings from transactions (since block rewards are still substantial) and try to build up bitcoin adoption with minimal fees.
The real question is what kind timescale the mining community has in mind when it looks at the financial basis of mining. If they are eager to jack up fees in the short run they could drive people to altcoins and kill the golden goose. So hopefully they will take the route of foregoing the extra earnings from transactions (since block rewards are still substantial) and try to build up bitcoin adoption with minimal fees.
Not really. I would like to have a BIP with an predictable blocksize increase and without votes.
Not really. Quite a few of the biggies who've been interviewed have stated they're purely in it for the dollars. They'll go with what'll load them up in the short term. Long term whatever they choose might be fatal.
The whole thing could go horribly wrong if it isn't thought through fully.
Hey all. Recent developments around the block size debate have sparked alot of discussion about several topics. I've seen many people arguing that BIP100 gives too much power to the miners. I'm not trying to provoke feelings one way or another, I'm just looking to see if people are willing to put their trust on miners about such decisions.
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