Row 64747

Row ID: 64747 | Dataset Entry | Axioma AXP Content Repository

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> The authors seem to make the claim that miners wield the most political power within the Bitcoin ecosystem because they have the largest capital investment, but due to cultural or psychological reasons, they deferred to the seeming 'authority' of Bitcoin Core.

I also found myself frowning at that thought . It was frankly not falling in place with earlier conversations I've had with Roger. It felt like a shortcut to avoid overcomplicating things for the reader.

The basic concept of Bitcoin is to balance out a free market. A market open to competition and selfish interests because those are directed towards building the whole. As such, miners just mine the most profitable way and holders & users of the coin just hold the most useful coin, which closes this circle by making the miners get paid more.

Each of those has political power.

The problem in 2015 - 2017 was that the circle was corrupted and as a result there was no open market. There were not really any alternative coins to pick from. There were no ways to profit as a miner by simply giving the middle finger to Bitcoin Core.

This is the reason those miners kept on following as the threat were always there. As part II showed very clearly, the people behind bitcoin-core were not afraid to use any and all means needed to keep miners in line. They have shown they could and would bankrupt miners and pools that went against the narrative.

Anyway, just read the book... It's still very much on-point about everything even though this was a bit of a shortcut to avoid complexity.

FieldValue
text > The authors seem to make the claim that miners wield the most political power within the Bitcoin ecosystem because they have the largest capital investment, but due to cultural or psychological reasons, they deferred to the seeming 'authority' of Bitcoin Core. I also found myself frowning at that thought . It was frankly not falling in place with earlier conversations I've had with Roger. It felt like a shortcut to avoid overcomplicating things for the reader. The basic concept of Bitcoin is…
label r/bitcoincash
dataType comment
communityName r/Bitcoincash
datetime 2024-05-23
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Raw Record

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  "text": "> The authors seem to make the claim that miners wield the most political power within the Bitcoin ecosystem because they have the largest capital investment, but due to cultural or psychological reasons, they deferred to the seeming 'authority' of Bitcoin Core.\n\nI also found myself frowning at that thought . It was frankly not falling in place with earlier conversations I've had with Roger. It felt like a shortcut to avoid overcomplicating things for the reader.\n\nThe basic concept of Bitcoin is to balance out a free market. A market open to competition and selfish interests because those are directed towards building the whole.  \nAs such, miners just mine the most profitable way and holders & users of the coin just hold the most useful coin, which closes this circle by making the miners get paid more.\n\nEach of those has political power.\n\nThe problem in 2015 - 2017 was that the circle was corrupted and as a result there was no open market. There were not really any alternative coins to pick from. There were no ways to profit as a miner by simply giving the middle finger to Bitcoin Core.  \n\nThis is the reason those miners kept on following as the threat were always there. As part II showed very clearly, the people behind bitcoin-core were not afraid to use any and all means needed to keep miners in line. They have shown they could and would bankrupt miners and pools that went against the narrative.\n\nAnyway, just read the book... It's still very much on-point about everything even though this was a bit of a shortcut to avoid complexity.",
  "label": "r/bitcoincash",
  "dataType": "comment",
  "communityName": "r/Bitcoincash",
  "datetime": "2024-05-23",
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