Jul 21, 2017 · 1 min read
I think the game theory element of this is very interesting — Cold War-esque bluffs and threat of potential force. Isn’t it the case that these large miners have essentially painted themselves into a corner? I imagine folding on such a strong chain fork threat means they will lose all credibility and ability to impact future developments in Bitcoin.
One thing’s certain — the growing centralization is certainly not something Satoshi envisioned and definitely an externality of the PoW incentive system.
