Tobias Brox
Aug 8, 2017 · 2 min read

I was thinking something of the same the other day — my conclusion was that given that:

  • All miners can change between mining BC and BS on the spot, without any efforts
  • All miners are greedy, always prioritizing short-term profit
  • The market value of BC vs BS stays reasonably stable

then all mining power would instantly switch to whatever coin is more profitable to mine, and stay there at least until the next difficulty readjustment.

At first I considered that the mining power most likely would flip-flop between the coins with two week intervals, but no … the instant there aren’t anyone mining BS, the market value will fall a lot.

Anyway, the conditions above probably aren’t met. For miners running Bitcoin Core, a software change is required — and just like some few miners are mining BC, I believe most miners are likely to continue mining BS even if the short term profit would be higher with BC.

I’m considering myself as a bigblocker, and I’m mildly sympathetic to the BC movement — but anyway, to me BC has no other value proposition than that it may take over the Bitcoin role, and I don’t see that happening.

The Bitcoin value (as compared to altcoins — and I do consider BC to be an altcoin) hinges on three things:

  • The network effect; Bitcoin is like lingua franca in the crypto world, anyone is able to receive and send bitcoins.
  • The strong brand recognition; most people have heard about Bitcoin at this point.
  • The security offered by the extreme hashing power.

BC has none of the above.

    Tobias Brox

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