Can The Miners Take Over Bitcoin?



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In this video, I discuss whether Bitcoin miners could take over Bitcoin and force other participants to do their will.

In this thought experiment, Bitcoin miners start mining on their own chain, while exchanges, nodes, merchants, and wallets all remain on the original chain.

The miners soon discover that they are unable to use the exchanges to convert their mined BTC into fiat, in order to pay their electricity bills.

They also discover that merchants are unwilling to accept BTC that does not exist on the chain that they are monitoring.

When this happens, the rogue Bitcoin miners are left alone in a corner, playing their own silly little game, and burning electricity while they watch their ASIC's depreciate.

Bitcoin is a robust, anti-fragile system. It is like a perpetual truce or Mexican standoff between the various constituencies.

For this reason, I sleep well at night owning Bitcoin. It is unlikely to quickly implode like LUNA did.

Not investment advice! Consult a financial advisor.

Merchants that accept Bitcoin:
https://spendabit.co/

Mexican standoff:
https://techcrunch.com/wp-content/uploads/2016/11/mexican-standoff.jpg?w=1390&crop=1

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Cryptocurrency Mining
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