Bitcoin
$47,620.10 -1.02%
BTC · 205w

Debunking the myth that miners will not mine S2X at a loss

Bitcoin is designed to incentivize miners to act rationally through profit motive. So, it seems common sense that no miners are going to mine S2X for long if it's only worth a small fraction of the price of BTC. You would think this, but unfortunately there are extenuating circumstances. Many companies operate at a loss for years because they are working towards a far, far, greater reward. If miners believe that gaining control over the bitcoin network will benefit them greatly in the long run, they might well consider it a safe bet to mine at a loss for a few weeks or months if they believe it necessary to kill off the current chain. Worse yet, the vast majority of hashing power in the world resides in China; a government so authoritarian they literally have rolling execution vans. If compelled by the government, all miners in China will mine whatever chain they are told to. There is right now a war to take over bitcoin. It is a coordinated effort by corporations, banks, and governments. They will mine at a loss for weeks, or even months, if they believe they can kill the existing chain and claim ownership of what is surely to become a trillion dollar financial network. Their shill supporters keep injecting commentary like 'relax', 'chill', there's nothing to worry about and assuring existing users that they will still have bitcoin, just with 2mb blocks. Don't worry about it, they say.. trying to calm the waters to keep their takeover attempt on track. It sounds an awful lot like telling a rape victim to just shut up and, you might as well enjoy it, because it's going to happen to you anyway. I think there are some here who are convinced the economic majority is going to win this fight, but that is not a safe assumption. Miners will mine at a loss for an extended period of time, on threat of violence, and on hopes of a greater longer term reward of fully controlling the entire network. If the existing chain dies, it would require pretty much a full ...
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