A majority of hashing power attempting to change monetary policy spins off a forked coin which does not have economic value because it does not have economic users.
If the overwhelming majority of bitcoin users (98%+) wished to do so, they could possibly change the monetary policy. Of course this will never happen, because there are die-hards like myself who will always stick with the non-inflationary bitcoin.
And then, the market decides whether to stick with the non-inflationary coin, or to use an inflationary one.
The worst that a majority of miners could do the the non-inflationary bitcoin is temporary denial of service, or attempted double spending of their own money. It's going to cost them an awful lot in electricity to try either, and they're not going to get that money back unless they're generating coins that are in demand to buy.
A majority of hashing power attempting to change monetary policy spins off a forked coin which does not have economic value because it does not have economic users.
If the overwhelming majority of bitcoin users (98%+) wished to do so, they could possibly change the monetary policy. Of course this will never happen, because there are die-hards like myself who will always stick with the non-inflationary bitcoin.
And then, the market decides whether to stick with the non-inflationary coin, or to use an inflationary one.
The worst that a majority of miners could do the the non-inflationary bitcoin is temporary denial of service, or attempted double spending of their own money. It's going to cost them an awful lot in electricity to try either, and they're not going to get that money back unless they're generating coins that are in demand to buy.