Author: Troy Benjegerdes 2014-02-09 18:11:32
Published on: 2014-02-09T18:11:32+00:00
In this email exchange between Luke-Jr and Peter Todd, they discuss the idea of upgrading the embedded consensus system with new rules. Luke-Jr argues that this assertion gives developers too much power and asserts a central authority. However, Peter Todd disagrees and points out that there is nothing that forces him to upgrade unless he chooses to run an operating system with automatic update mechanisms. The conversation then shifts to the bigger problem of 'asset transfer' of assets which do not exist solely in the blockchain and the inclusion of consensus from relevant legal jurisdictions. For example, even if the blockchain consensus is that someone signed a mortgage document electronically, it does not mean that their local county Judge or Sheriff will accept it without the original paper document with ink signature.Luke-Jr clarifies that the only assertion of central authority here is people who download and run the code and submit to whatever the code asserts they are supposed to do. He also notes that at least with the 'central authority' of the big-business bitcoin developer cabal, he can read the code before submitting to it, which is a significant improvement over ambiguous legislation or proprietary high-frequency trading algorithms.
Updated on: 2023-06-08T02:25:08.343716+00:00