It occurred to me today that bitcoin is not democratic.
Democracy is a very bad thing in a world full of idiots.
^^^^^^^^^ !
Topic: Sorry to bother you with another potential worry but... - page 2. (Read 2689 times)
Democracy is a very bad thing in a world full of idiots.
^^^^^^^^^ !
It occurred to me today that bitcoin is not democratic.
Democracy is a very bad thing in a world full of idiots.
Quote
Why not read this. It describes the aftermath of the situation you fear...
I definitely paged through it, and it does describe the aftermath of the unintentional hard fork, but I'm curious about what happens (specifically to the bitcoins) when it is intentional. Imagine we have to opposed groups of bitcoin users using the old and new clients on purpose.
Why not read this. It describes the aftermath of the situation you fear...
https://bitcointalksearch.org/topic/alert-chain-fork-caused-by-pre-08-clients-dealing-badly-with-large-blocks-152030
https://bitcointalksearch.org/topic/alert-chain-fork-caused-by-pre-08-clients-dealing-badly-with-large-blocks-152030
It occurred to me today that bitcoin is not democratic. The direction of the blockchain is determined by majority yes, but certain people hold more of it than others. As I understand it, the biggest mining pools essentially determine which client to follow, and we trust them to always do what makes the most financial sense to them.
As bitcoin's population we ride a delicate balance that is ripe with the seeds of conflict. For now our attention is focused on bitcoin vs. regulation, but I have no doubt that someday internal changes will cause various bitcoin subgroups to be pitted against each other: either between big holders and little holders, or miners vs. traders, or devs vs. users. One dev might introduce a change that is deemed profitable by some, and disastrous to others. A new client is introduced, some insist on a boycott, and then we have a problem. I've been trying to research what happens with a true hard fork but any searchers are saturated with the recent news of the may 15th update.
Can someone actually explain what happens with a true hard fork?
Will conflicting clients create persistently separate blockchains?
Will someone's bitcoins exist within each blockchain?
What major things could we expect?
As bitcoin's population we ride a delicate balance that is ripe with the seeds of conflict. For now our attention is focused on bitcoin vs. regulation, but I have no doubt that someday internal changes will cause various bitcoin subgroups to be pitted against each other: either between big holders and little holders, or miners vs. traders, or devs vs. users. One dev might introduce a change that is deemed profitable by some, and disastrous to others. A new client is introduced, some insist on a boycott, and then we have a problem. I've been trying to research what happens with a true hard fork but any searchers are saturated with the recent news of the may 15th update.
Can someone actually explain what happens with a true hard fork?
Will conflicting clients create persistently separate blockchains?
Will someone's bitcoins exist within each blockchain?
What major things could we expect?
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