Hashing Power Is Not the King in the World of Bitcoin
As bitcoiners are worrying what might happen if bitcoin hard forks, Bitfinex is already trading post fork coins BCC and BCU, like the situation isn’t complicated enough.
“If no fork occurs by December 31, 2017, then BCU will expire worthless and BTC will be given in exchange for each BCC holder.”
The scaling discussion has been going on for years. Although BU is not the only scaling solution, supporters believe a bitcoin hardfork is in the best interest of bitcoin.
Plus, as Bitcoin is based on a POW (Proof of Work) system, they claim that hashing power represents the right of making rules of bitcoin, which is so ridiculous and dangerous!
He who studies bitcoin would agree that a 51% attack has always been seen as the sword of Damocles shadowing bitcoin. An attacker with 51% of the network’s computing power can allow him to reverse transactions, make double-spend transactions, prevent confirmations or even prevent other miners from mining valid blocks. It would corrupt the blockchain and wreak havoc on the whole network.
Of course, all these are speculative as it has never been done before. But one thing is for sure and that is if hashing power means everything in the world of bitcoin, a 51% attack would become a norm and bitcoin would be anything but security. The increase of hash power in the pool is considered to be good, but if hashing power determines everything, it is a serious threat to the bitcoin community.
If mining pools hard fork together in the name of “defending the interest of bitcoin community”, what would be their next step? Increasing the 21 million maximum coin limit? If so, a 51% attack would no longer be a sword hanging over head, it would be a handy weapon that mining pools use to bully bitcoin users.
This BU farce led by some big mining pools can be regarded as a rehearsal concerning what might happen if a 51% attack occurs, which would be historic in the evolution of bitcoin. If bitcoin community can remain clearheaded and stick to the consensus rules of bitcoin, long live the bitcoin.
God bless bitcoin, God bless bitcoin hodlers!