Author: Kate Salazar 2022-03-23 22:34:21
Published on: 2022-03-23T22:34:21+00:00
The discussion on the Bitcoin-dev mailing list revolved around the potential risks of a soft fork resulting from a crisis in the future where Bitcoin becomes the dominant world currency. Participants raised concerns about the possibility of an economic majority not understanding the danger and proposing changes to the block size, which could lead to a minority fork. They discussed the need for a well-discussed and well-vetted plan for such a scenario, including determining how small of a minority chain would be worth saving and how much mining power it would need. However, some members of the group pointed out that Bitcoin has never been mainstream, and there will always be smart people who can help guide the community through any challenges. The discussion also touched on opt-out mechanisms for users who do not want to use certain functionalities, like Taproot. Users can choose not to enforce Taproot by running an older version of Bitcoin Core or otherwise forking the source code. If some users insist on a chain where Taproot is "not activated," they can always soft-fork in their own rule that disallows the version bits that complete the Speedy Trial activation sequence. Finally, the group acknowledged that there is no perfect system of money, and economic value exists only if others are willing to trade for it. In the event that a user is in the economic minority, they have little choice but to accept the new rules or sell their Bitcoin. The group emphasized the importance of considering opt-in mechanisms for future soft forks and agreed that a hypothetical scenario where developers propose something that most miners accept but some users reject is not taboo.
Updated on: 2023-06-15T18:01:03.268461+00:00