Author: Peter Todd 2015-12-17 19:44:08
Published on: 2015-12-17T19:44:08+00:00
In a discussion on bitcoin-dev, Tier Nolan highlights the importance of understanding the power dynamics in Bitcoin. He compares Bitcoin to a republic with separation of powers between various groups including Core Devs, Miners, Exchanges, Merchants and Customers. While complete agreement is not required for a change, if merchants and their customers switch to different software there is little other groups can do. Decentralization means that miners have veto power over any blocksize increases and it is possible to soft-fork in a blocksize reduction.
Updated on: 2023-06-11T02:09:03.982960+00:00