What we maybe missing about mining industry


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We always reason in terms of economic incentives and Bitcoin has shown a very good resilience due to the economic interest of the agents involved.

The events of the last weeks suggest that from one part it is not easy to build huge facilities in China in a controversial industry without government support of some sort. On the other part If I were a government interested in keeping control in a potentially dangerous industry without showing what I'm doing, I would do it through miners.

Instead of an open and banal 51% attack I would inject confusion and FUD in the community, threatening an hard fork while controlling a large part of the hashing power through "non governative entrepreneurs".

I really don't want to show low respect for mister Wu which appears to be a brave entrepreneur but I cannot stop myself thinking that in this particular case the "conspiracy theory" seems to be the simpler.

As a chinese government strategist, I would also be scared about the fungibility LN could bring to the table through Ligtning and I would oppose Segwit.

I beg everybody pardon for these conjectures without proof that would fit better in other subreddits.

Just don't assume that miners are in this moment driven only by economic incentives.

submitted by /u/gabridome
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