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Do nodes really hold power?

Bitcoin Reddit

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I understand why ...

... developers hold power. When they change the client, a large number of users will run the software with the new rules. And would have a hard time switching.

... miners hold power. When they refuse to mine certain transactions, those will be delayed or even prevented.

... exchanges hold power. In the case of a fork, the chain that Coinbase calls "Bitcoin" would gain credibility. And their users might have a hard time to support the other chain.

... hodlers hold power. If they say "I demand $XXXXX for a coin on chain A and $XXX for a coin on chain B", that gives chain A more value than chain B.

... buyers hold power. If they say "I pay $XXXXX for a coin on chain A and $XXX for a coin on chain B", that gives chain A more value than chain B.

But how do node operators hold power? How can they influence the outcome in case of a split or when miners refuse to mine certain transactions?


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