This used to be a common question in the old days of r/bitcoin, when people who understood the dangers of centralized inflation tried to understand Bitcoin.
The answer was always: "well, the miners could do that but Bitcoin would lose all value to a competing currency which was not inflationary, since nobody wants inflation in their own wallet".
Regarding this horrendous idea of a centralized entity with no accountability pocketing 12% of the mining reward, I see lots of comments arguing it doesn't matter what we think, the miners have decided what is good for us. "It doesnt matter what you think, you are not a miner","Get hash power or stfu" etc.
This is so wrong.
It is us the users and the great community of BCH which give it value, not the miners. We have the ultimate power. And the great power of BCH community is the moral high ground based on freedom and the belief in a better world, free from centralized money creation fueling corruption and power abuse.
What's to stop this cartel from changing the 21M limit, the mining reward etc when they have grabbed enough power of the community? Sure, these might be trusted people now but what about in ten years when the 12% are worth the average of a average country BNP?
Power corrupts, absolute power corrupts absolutely.
No I am not a miner and will probably never be. But I can vote with my feet and sell my BCH. As a matter of fact, many other cryptos already has a much more transparent and decentralized way of funding development. Why should I go for a lousy version of Dash? What happened to those of you who always bash Dash, where are you now?
If developers need money, ask for donations. It works for Monero and it works here. You can develop BCH all the way to perfection but I won't care if it's on the road to becoming The Fed 2.0. Bitcoin must follow the Whitepaper or I'm out.
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source https://www.reddit.com/r/btc/comments/eto5f8/what_happens_if_the_powerful_miners_decide_to/
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