[Bitcoin-development] Embedded consensus system upgrade procedures

Peter Todd pete at petertodd.org
Sun Feb 9 18:09:38 UTC 2014

On Sun, Feb 09, 2014 at 05:25:41PM +0000, Luke-Jr wrote:
> On Sunday, February 09, 2014 5:12:14 PM Peter Todd wrote:
> > We have an embedded consensus system and we want to be able to upgrade
> > it with new rules.
> This asserts a central authority and gives developers too much power.

Please, the rule change only can happen if users accept it.

If anything my proposed mechanism makes it even harder for developers to
impose anything by fiat: the spending your digital asset under new rules
decreases the amount available of it to trade with users who chose to
accept only the old rules. Since there is no safety concern involved,
the process is safe for both groups, developers can't plea to the
community that "OMG the sky will fall and you'll be all defrauded if you
don't upgrade right now!!!" Instead they'll be forced to make it clear
that if the community doesn't accept the new rules, whatever assets
you've moved to the new system may become forever worthless.

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