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Can The Miners Take Over Bitcoin?
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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.

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estilominimalista

48 Comentários

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  2. Couldn't global governments coordinate these entities to switch bitcoin block chains to get people to use the new network? Kinda like how they coerced and forced masses of people to get c0vid jabs against their will or better judgment

  9. I really appreciate your videos, but can u do one regarding the HEX please….i am curious about ur opinions about that….cheers…

  11. To quote Yanis Varifakis , "Bitcoin won't help you find freedom outside government".. He also said that the supply of money has to be variable and malleable. His example is that in the example of the Covid pandemic a nation would simply fall in a black hole with a fixed supply currency. He goes on to say that Quantitative easing failed because the middle men (banks) only gave liquidity to big Business. That if every citizen had a CDBC wallet, liquidity could be much better allocated.

    Regarding miners with a large hashrate, they will potentially be able to manipulate price on how much they buy and sell. This is like insider information where large mining corporations would have an advantage.

  22. THIS IS WHY YOU’RE SUCH A PURE SOUL WHO ALWAYS LEND HIS HAND WITH MONEY. I WISH THE WORLD HAS MORE PEOPLE LIKE YOU WITHOUT YOU I WOULDN’T HAVE SET UP MY OWN BUSINESS SUCCESSFUL IF NOT FOR THE 5BTC I GOT FROM YOU.

  23. OK Matthew I have a scenario for you that could wreck Bitcoin. Let's say a very wealthy guy buys up a lot of Bitcoin, over the years he amasses 15 or 20 percent of it, and because he's so wealthy he can continue to buy more so that when things go sour in the rest of the economy he can artificially keep the price relatively positive by buying btc when it goes lower. In the process of gaining such a large percentage of the total stock of btc he becomes overly effluential in the reverse as he sells it off.

  24. Hey I know your probably already on it, but could you discuss the new ethereum soultokens? it sounds like a precursor to social credit scores and similat to what cardano did in Ethiopia. Buterin is calling the project decentralized society which sounds like an oxymoron as the tokens will be tied to your identity, job college degree etc. Thanks

  25. Mathew, what happens if exchanges decide to back a hard fork of bitcoin that is less than favorable to us little guys?

    It's my understanding that exchanges custody millions of bitcoin on behalf of users. A very influential amount. This gives the exchanges great power and leverage in deciding which is the "right" bitcoin in event of a hardfork.

    An example scenario would be governments decreeing all proof-of-work blockchains illegal. Bitcoin then hardforks into two competing blockchains. One fork being the old traditional proof-of-work bitcoin blockchain. The second fork being a green-energy approved proof-of-stake bitcoin blockchain.

    All the schmucks stuck with their millions of coins on exchanges would then be forced into the proof-of-stake flavor of the bitcoin hardfork?

    If you've already covered this topic before, please feel free to link.
    Much appreciated.

  29. The gift of 🔌 ☝️your help/time/support means more than anything money can’t buy. I really appreciates all that you’ve done 🙏 and I hope this card provide a small token of my gratitude Thanks!!

  30. Word will fall it short if I am to praise for everything they have done. however this won't stop me from telling how valuable they have become for me now 2btc. I wish them more projects and recommendations

  31. Word will fall it short if I am to praise for everything they have done. however this won't stop me from telling how valuable they have become for me now 2btc. I wish them more projects and recommendations

  41. Well yes the difficulty would adjust but if we have a big drop in hash rate in a matter of hours it would still be a problem because difficulty adjusts every 2 weeks. SO potentially no blocks (or very few) mined for 2 weeks = no transactions. So then the difficulty would drop substantially, probably more than it needs, we would have more than 1 block every 10 minutes, for another 2 weeks before it readjusts again – It would whipsaw hard. While it might not kill btc it would be a serious problem if all miners left.

  42. Thanks for this video, very interesting!

    Will you do a video about the potential risk of governments attacking the biggest 3-4 BTC mining pools to do a 51% attack? Would be great!

  44. This channel will eventually have over 1 million subscribers. Please keep it up. BTC is the only crypto that will last

  47. thanks for the insight.

    Most of the thumbnail questions from Matt's video we already know the answer before we watch them.

    It would be haliriously funny if Matt just makes a 20s video giving quick answer…"This is Matthew….Kratter from Trader University, and today I wanna talk abt xxxxxxx, and the answer is: no. If you find this video helpful, please…"

  48. In the beginning there were no dedicated miners. No Testnet. Mining was just a function of the Bitcoin client. You could turn it on or off. Everything was self-contained, Tight!

    If push came to shove. I could probably fire up mining on my Bitcoin core node in a matter of minutes. Just like in the beginning..🧡🤠🗽🦅🚀♾️

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