Author: Milly Bitcoin 2015-06-27 02:14:47
Published on: 2015-06-27T02:14:47+00:00
The dismissal of a formal process in Bitcoin is not unusual, as it allows those currently in power to maintain control. Developers often feel the need to protect Bitcoin as their "baby," but this can result in becoming overprotective parents who fail to see the value in outside experts such as financial, economic, security, and legal professionals. Some developers believe that their knowledge of Bitcoin makes them superior to these experts in all areas. However, this attitude can be detrimental to Bitcoin's progress. A developer even suggested that systems engineering cannot be done in Bitcoin because it involves security rather than safety. Simon Liu argues that, for a project worth $3 billion, a well-defined and well-documented process should be introduced to evaluate proposed changes properly. The current approach of supermajority consensus based on unwritten rules and personal preference suggests that Bitcoin is still an experiment. This means decisions regarding the block size should be based on technical merit and not economic interest. In civil engineering, political pressure must be resisted when it comes to potentially dangerous actions until the consequences are well understood, and the same applies to consensus cryptography space.
Updated on: 2023-06-10T00:26:21.899645+00:00