Miners having the power over the network means they can do whatever they want.
They are low time preference players.
If the below is true, they can say - Hey, we need to make mining profitable again so we will increase the block rewards, meaning we will increase the 21 Million Bitcoin limit. This will be important for the security of Bitcoin and the network.
For the slow ones, this will mean that your Bitcoin will be diluted. An inflation of the supply just like with the fiat funny money.
And what can the nodes / Bitcoiners do if they are irrelevant?
Scream on social media? We did this and failed with BIP-110.
Any other ideas?
View quoted note →
Boltz announcement
UPDATE ON THE FUTURE OF BOLTZ 📢
Over the past couple of months, AI-assisted attackers have been targeting Boltz with increasing frequency, intensity and sophistication. Several of these attacks succeeded, but because Boltz is non-custodial, user funds were never at risk. The entirety of the risk was ours, and as a result of the losses incurred, on August 3rd we made the difficult decision to suspend the service to prevent further damage.
While working on a plan to bring Boltz back over the past days, we had to accept one painful insight: as a bootstrapped five-person startup, we simply don't have the resources to withstand the current level of attacks in the long run.
Today, we are happy to announce that a group of veteran Bitcoiners came forward to help, bringing the capital and engineering power the project needs. They have agreed to take over Boltz and continue the service. Work to find and fix the vulnerabilities is already under way, with the goal of bringing swaps back as soon as possible.
As we want to give them the freedom to introduce themselves in their own time, we are not attaching any names today.
All original founders of Boltz have stepped down from the company, effective immediately. None of us will have any formal or authoritative role with the Boltz project going forward, and any future open-source participation by us is strictly on a voluntary basis.
We are grateful for the community's support all these years, for the patience and understanding of our integrators affected by the disruption of our service, and to everyone who reached out offering support over the past week.
It was a hell of a ride, and we are proud of our contributions to the Bitcoin ecosystem.
Godspeed to the new Boltz team as they navigate these perilous times. We know Boltz is in good hands.
- Kilian, Michael & Karl