[bitcoin-dev] Block size: It's economics & user preparation & moral hazard

Peter Todd pete at petertodd.org
Thu Dec 17 19:44:08 UTC 2015


On Thu, Dec 17, 2015 at 04:58:02PM +0000, Tier Nolan via bitcoin-dev wrote:
> This is really the most important question.
> 
> Bitcoin is kind of like a republic where there is separation of powers
> between various groups.
> 
> The power blocs in the process include
> 
> - Core Devs
> - Miners
> - Exchanges
> - Merchants
> - Customers
> 
> Complete agreement is not required for a change.  If merchants and their
> customers were to switch to different software, then there is little any of
> the other groups could do.

If Bitcoin remains decentralized, miners have veto power over any
blocksize increases. You can always soft-fork in a blocksize reduction
in a decentralized blockchain that actually works.

-- 
'peter'[:-1]@petertodd.org
000000000000000001bd68962863e6fa34e9776df361d4926912f52fc5f4b618
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