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Author Topic: [2016-01-04] Time for Bitcoin Users to Reclaim Their Voice  (Read 194 times)
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January 04, 2016, 05:38:02 PM

Time for Bitcoin Users to Reclaim Their Voice

It is a common misperception that Bitcoin miners determine the shape of the blockchain. So common, in fact, that I had an academic colleague fall into the same trap, where he thought miners could arbitrarily decide to mint 1 million coins for themselves. I wrote this post at that time to dispel this myth.

Perhaps my soccer club analogy (where the administration seems to make the decisions, but needs to make them to the benefit of the fans, and fans routinely push administrations out, just by shouting loudly in a stadium, or sometimes refusing to go in and shouting loudly outside) wasn't clear enough, or perhaps it was lost on the American audience. Let me try to clarify it, with some thought experiments.

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