Bitcoin Forum
May 24, 2024, 09:51:21 PM *
News: Latest Bitcoin Core release: 27.0 [Torrent]
 
   Home   Help Search Login Register More  
Pages: « 1 [2]  All
  Print  
Author Topic: Block size question  (Read 2136 times)
VeritasSapere
Hero Member
*****
Offline Offline

Activity: 546
Merit: 500



View Profile
January 16, 2016, 05:08:53 PM
 #21

The tyranny of consensus and or possibly a single implementation with centralized authority and control?
I think that the consensus rules shouldn't be tied to one implementation. I think it should still be consensus and essentially voting, but still have consensus as we do now. And instead of the current governance with the one reference implementation, we should move to how the IETF does standards for the internet.
I can agree with this actually. You make good points, I suppose with my background in the humanities, I do not think that consensus will always be possible.

I think that for instance in the future there will most likely be a split regarding increasing the supply of Bitcoin. Since there are many people that do not believe in the deflationary economic model of Bitcoin. I would side with keeping the supply limited, however I can see how in the future especially as a larger segment of the world becomes involved with Bitcoin that this could become an issue and might even lead to a split.

I suppose I have embraced this aspect of Bitcoin. Just to be clear I do not think that this blocksize debate will lead to a significant split, I think we will reach super majority under Bitcoin Classic. However I do think that it is likely that there will be some diehards that might choose to stay behind, though I suspect their chain will be very small. But I do absolutely respect their right to do so, this is one of the beautiful things about Bitcoin, it has effectively solved the problem tyranny of the majority.
pennywise (OP)
Member
**
Offline Offline

Activity: 73
Merit: 10



View Profile
January 19, 2016, 06:31:43 PM
 #22

Thank you for your answers and opinions, they help me to grasp some aspects of BTC. I'm the OP if you perhaps wondered where he is  Grin

And just to comment the possibility of forking over the supply limit:
I think that for instance in the future there will most likely be a split regarding increasing the supply of Bitcoin. Since there are many people that do not believe in the deflationary economic model of Bitcoin. I would side with keeping the supply limited, however I can see how in the future especially as a larger segment of the world becomes involved with Bitcoin that this could become an issue and might even lead to a split.
Something that could be a strong argument of not changning the currency supply limit are the competitive currency. Once BTC would become hard forked by Keynesians to achieve inflationary behavior, the biggest BTC holders could simply reach a consensus to put all their investments in a competitive currency, say Litecoin, Zerocash, etc. That could create a crash that would severely damage the bitcoin's reputation and its value. And at the same time massively lift power and worth of this competitive currency.

As long as economic majority (and these are no politicians and no standard bankers) in BTC is in approval of limited supply, there is no fear.

But campaigns to change this state of supply are expected. We have seen them on this forum too.

We went through a period where it was briefly tough and now there are 1400 new billionaires in the world - maybe some capital was misallocated... --Kyle Bass
Pages: « 1 [2]  All
  Print  
 
Jump to:  

Powered by MySQL Powered by PHP Powered by SMF 1.1.19 | SMF © 2006-2009, Simple Machines Valid XHTML 1.0! Valid CSS!