Pages:
Author

Topic: Who controls the Bitcoin software? - page 2. (Read 2324 times)

hero member
Activity: 686
Merit: 500
A pumpkin mines 27 hours a night
September 03, 2014, 04:24:07 PM
#13
Effectively everyone who's mining controls Bitcoin. They decide which rules they want to be enacted.

This is not true. Every user that runs a full node decides which rules will be enacted.

If they do enact rules, other miners (the majority) don't approve of, their chain gets abandoned and thus effectively is being ignored. It's merely a matter of what the majority decides to accept.

This is not true.  Bitcoin is a system that relies on the consensus of the users, not the majority of the miners.

That's the beauty.

The beauty is that the miners can't change anything about the core protocol without the consent of all the users.

The core developers come up with new ideas though, and also implement them. But if the miners don't approve of them, they won't be enacted.

And if the users don't approve of them, then they won't be enacted (even if the miners do approve).

The miners add new blocks to the block chain, so unless we change that paradigm, all that full nodes can do is withhold transactions or modify them in some way. That's it.
legendary
Activity: 3472
Merit: 4801
September 03, 2014, 03:31:54 PM
#12
Effectively everyone who's mining controls Bitcoin. They decide which rules they want to be enacted.

This is not true. Every user that runs a full node decides which rules will be enacted.

If they do enact rules, other miners (the majority) don't approve of, their chain gets abandoned and thus effectively is being ignored. It's merely a matter of what the majority decides to accept.

This is not true.  Bitcoin is a system that relies on the consensus of the users, not the majority of the miners.

That's the beauty.

The beauty is that the miners can't change anything about the core protocol without the consent of all the users.

The core developers come up with new ideas though, and also implement them. But if the miners don't approve of them, they won't be enacted.

And if the users don't approve of them, then they won't be enacted (even if the miners do approve).
hero member
Activity: 686
Merit: 500
A pumpkin mines 27 hours a night
September 03, 2014, 03:26:57 PM
#11
Effectively everyone who's mining controls Bitcoin. They decide which rules they want to be enacted. If they do enact rules, other miners (the majority) don't approve of, their chain gets abandoned and thus effectively is being ignored. It's merely a matter of what the majority decides to accept. That's the beauty. The core developers come up with new ideas though, and also implement them. But if the miners don't approve of them, they won't be enacted.
hero member
Activity: 510
Merit: 500
September 03, 2014, 01:03:08 PM
#10
Is there anything comparable to a "board of directors" for Bitcoin control?

Yes, there is a group of developers that control how changes are made to the default client.  It allows contributions from anyone but the decisions are made by a few developers who would effectively be the "Board of Directors" you ask about.  As pointed out anyone can create their own version of the software and distribute it to users.  The "Board of Directors" know this is possible so they generally consider and address issues and so far the system seems to be working and nobody has produced a different version that is widely accepted.
sr. member
Activity: 518
Merit: 250
September 03, 2014, 12:53:09 PM
#9
Is there anything comparable to a "board of directors" for Bitcoin control?

It is not necessary, bitcoin prevents money theft by a middleman. The network controls itself.
legendary
Activity: 3066
Merit: 1147
The revolution will be monetized!
September 03, 2014, 12:50:58 PM
#8
If anyone had any control over bitcoin then I would not want them.
hero member
Activity: 1372
Merit: 783
better everyday ♥
September 03, 2014, 12:47:49 PM
#7
Bitcoin is decentralized, you're basically your own bank.

You're in charge of the type of wallet(hot or cold), the backups, the failsafes, the transaction fees when sending to another party.

That's one of the beauties of it.  It gives the power to the people, not a central bank.
full member
Activity: 123
Merit: 100
September 03, 2014, 11:15:05 AM
#6
You could also make the mistake some of the media do and consider The Bitcoin Foundation to have some power over the direction of the currency. However, in reality they do not.
member
Activity: 69
Merit: 10
September 03, 2014, 10:53:08 AM
#5
It's decentralized so there isnt any "Ben Bernakle" guy there controling the currency, because unlike FIAT Bitcoin is not an scam currency.
member
Activity: 84
Merit: 10
★Bitin.io★ - Instant Exchange
September 03, 2014, 06:44:58 AM
#4
Quote
Who controls the Bitcoin software?

You do.


Simplest answer. There is no one entity or 'board of directors' as it's a decnetralised currency and that's one of the main reasons that makes it great. Please do some more reading about it and you'll soon see it's many benefits and how it isn't run or owned by anyone other than the people who use it.

Yes if you will not be cautious enough your bit coins might get stolen. But i think that dont really happen that often, then you get felling when reading this forums.
hero member
Activity: 756
Merit: 500
September 03, 2014, 02:58:01 AM
#3
Quote
Who controls the Bitcoin software?

You do.


Simplest answer. There is no one entity or 'board of directors' as it's a decnetralised currency and that's one of the main reasons that makes it great. Please do some more reading about it and you'll soon see it's many benefits and how it isn't run or owned by anyone other than the people who use it.
legendary
Activity: 3472
Merit: 4801
September 03, 2014, 01:07:51 AM
#2
Is there anything comparable to a "board of directors" for Bitcoin control?

No.  There are various developers of specific wallets (Bitcoin Core, Armory, Electrum, MultiBit, blockchain.info, etc).  Some of them are entirely independent, others answer to some sort of organization that supports that particular wallet.  They all have to adhere to the current protocol unless they can manage to convince the vast majority of users that some change to the protocol would be beneficial.
sr. member
Activity: 593
Merit: 250
September 03, 2014, 12:42:08 AM
#1
Is there anything comparable to a "board of directors" for Bitcoin control?
Pages:
Jump to: