Miners are your new slave masters

[farhaan]

When you put your money in cryptocurrencies, the miners will control your life.

If the miners decide to switch to another altcoin you cannot sell any of your coins - no matter which coin it is, even Bitcoin. If they reduce their efforts prices to transfer becomes extremely high. If you have a lot of your money in cryptocurrencies, the miners will become your new slave masters

Its a little bit true that miners are trying to influence the growth and existence of a crypto coin but its not 100% possible in bitcoin.They tried their best to control bitcoin,block segwit activation but they failed.That's why,they joined hands with Roger ver and supported to mine BCH instead of BTC.They are trying to influence bitcoin also,but thanks to satoshi for his decentralized model,they are not fully successful.

[kapipindot]

It is the problem with mining, the more you invest, the better the profit hence they can control the market that way. If they decided to hodl the coins until there are not enough currency out there, its price will increase and then they let out small bits for us to cram on. They have forseen the future of bitcoin, I wished I am the.one who bought 2 pizza for 10,000 btc.

[Kronos21]

It's really a problem. It seems to me that this situation with the miners is a mistake. Originally bitcoins were mined only by the users themselves. It was a decentralized system. Perhaps this is a topic for thought for the developers. They have become a target for the miners this month. Perhaps they will draw conclusions from this attack.

[freightjoe]

It's really a problem. It seems to me that this situation with the miners is a mistake. Originally bitcoins were mined only by the users themselves. It was a decentralized system. Perhaps this is a topic for thought for the developers. They have become a target for the miners this month. Perhaps they will draw conclusions from this attack.

We have only seen a small sample of the miners' power, this will get worse when people realize that the miners are in a perfect position to do front-running

[allthingsluxury]

They really do control have the say at this point. It could get ugly, but remember, they are invested in the long term health of BTC.

[freightjoe]

They really do control have the say at this point. It could get ugly, but remember, they are invested in the long term health of BTC.

That does not have to be the case. If the miners believe Bitcoin will crash, they will engineer it so that they profit a lot from it at the expense of everyone else.

[Ucy]

This is one of many negatives of Mining Centralization.
The purpose is to DECENTRALIZE not to hand Bitcoin to few cabals.
But am wondering if temporarily switching to PoS avert potential risk?

[yanesna3]

If you will get good high powered processors, coolers etc. you will relax when your coins will be mined. Invest in equipment, in the real thing and you will earn the real money. This is freedom, not a slavery.