Author: Mike Hearn 2014-04-24 14:28:54
Published on: 2014-04-24T14:28:54+00:00
The debate revolves around the concept of proof of work and its role in building a blockchain that prevents double spending. Honest miners build a blockchain with this intention, while dishonest miners do not. The argument is made that changing the blockchain algorithm would violate the social contract and lead to a fork. However, it is argued that the actual shared goal of Bitcoin is to stop double spending, not to preserve the block chain algorithm exactly as found in v0.1. The definition of honesty is also debated, with the argument being made that passing counterfeit money and stealing from the merchant is the dishonest act, regardless of how long it takes. These are fundamental issues that must be debated to remove any confusions.
Updated on: 2023-06-08T21:01:33.313334+00:00