Author: Martin Stolze 2017-03-28 19:51:02
Published on: 2017-03-28T19:51:02+00:00
In an email exchange, praxeology_guy argues that miners do not have any authority as they compete with each other for profit and their policy is dictated by market demand. However, Martin counters that the process of acquiring block space does give the miner power to decide over that particular space. Martin argues that Carl Schmitt's theory of sovereignty applies to this situation, where the person or institution capable of bringing about a total suspension of the law and using extra-legal force to normalize the situation is the sovereign in that polity. Praxeology_guy admits that using miner signaling to determine whether SegWit should be activated was a mistake which gave people the impression that miners have authority. Instead, he proposes using a BitcoinUpdateBoard or including more entities such as specific miners and exchanges in the table located on the bitcoin core website to activate SegWit in the future where market participants have a reasonable time to prepare.
Updated on: 2023-06-11T22:21:13.883037+00:00