Luke Parker
Aug 23, 2017 · 1 min read

Look, this is really simple Bitcoin 101 stuff here. Knowledge most bitcoiners learned from Andreas Antonopoulos 5 years ago.

If bitcoin’s node owners can recognize a threat, all nodes have to do is run software that rejects the blocks from the compromised miners. That’s been a basic security feature of bitcoin since the very beginning, and was brought up quite a lot 3–4 years back when Ghash grew to control 51% of the hashrate… Many thought we’d have to do it to them at the time.

It’s not just untested theory, either. Code has been written to do exactly that on more than one occasion, each time tested on the testnet for effectiveness.

One of these days Jihan is going to cross the line and I fully expect far more than 50% of the nodes to upgrade to a antminer-resistant, or perhaps even ASIC resistant Proof of Work algorithm designed to exclude the problem miners. You can bet the farm that this will definitely happen on bitcoin one day.

Of course the Devs know that there is little point even writing the code until the majority of node runners are outraged at the problem so they’re just waiting until we need them to do it.

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    Luke Parker

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    Journalist, Researcher, Bank Abolishionist.