Comment by arcanemachiner
14 hours ago
If, for whatever reason, all the mining power switches to the other chain, it will become the de facto "Bitcoin".
I don't know what the specific mechanism would be, but I would bet that it relates to the billions of dollars backing the current ecosystem, and the interests of the people behind them. If the right event or crisis comes along, then people could be compelled to switch over to something else.
I'm sure there's someone out there still mining blocks on that chain with the exploit from 2010, but that's not where the mining power is. If the right series of events occurs, the miners will switch.
> If, for whatever reason, all the mining power switches to the other chain, it will become the de facto "Bitcoin".
The miners do not control the network. The people transacting on the network control the network and decides who is rich and who is not; and whether the miners get paid or not.
If literally 100% of miners switched, leaving zero on the original chain, then people will have no choice since it won’t do any more transactions.
But if, say, a mere 99% of miners switch, it’s far from a given that people would follow. Having more mining capacity makes the chain more secure, but it’s not that big of a deal.