Tauri | BIP-110
· 1w
By Thomas Young (@tomyoungjr)
Why I Support BIP-110
The BIP-110 debate is being framed as a technical argument.
I think that's the wrong level of analysis.
The question isn't whether a particular ...
No single entity can control bitcoin.The power dynamics of controlling the network are split between economic full nodes,miners,exchanges, businesses/merchant processors & developers. For non techie..they only see miners as the major entity that has total power.Sure.Miners mine new bitcoins & received btc rewards/txn fees for their hashpower contribution to create/process blocks.But the decentralization of self-node operators matters above all.Yes.Miners sometimes run full nodes as well for they order txns in blocks whereas economic full node operators enforce the consensus rules & verify txns in blocks.But the one that hold the most power of these 2 groups are the economic full node operators and not the sybil node operators because they do not use or secure bitcoin due to the fact that their main hashrate power provided by either electricity,solar or wind is to solve a 10 minutes encrypted cryptography mathematical puzzle.Therefore they do not bring any impact since all rule enforcement are locals and what really matters is how individuals secure their own bitcoin & what rules they enforce for their own bitcoin.That's why it's vital for individual bitcoin owner to run their own node.Full economic node operators do not self-update & therefore developers cannot force changes on them & even if 100% hashrates tries to remove or change a rule ..these economic full node operators will simply ignore their blocks & ban any peer that doesn't follow consensus.In other words..miners provide the ' proof of work ' that goes into each new block in order to make txns irreversible.But they have to play by the rules the economic nodes set.Otherwise their new blocks will get rejected by the economic full nodes & won't propagate through the network.
Bare in mind also if half the miners collude..they're able to effectively block txns & decide which txns goes into new blocks which is known as ' 51% attack '.And if I'm not wrong..they can also reverse their own txns in limited circumstances.Miners decide which txns goes into new blocks.Normally it's in their best interest to include as many as possible and to include the one with the highest fees first.But there's no rule that says they must do this.They could decide not to include a particular txn for whatever reason.This is why a decentralized mining environment activity is essential like back in 2009 because if one evil miner decides not to include your txn..some other good miner will.Example.If 75% evil miners collude to reject some txns..25% good miners will pass all txns and every...give & take more or less 40 minutes or so...the rejected txns by the majority of evil miners will still go through as they will be accepted by the 25% minority good miners but slower.To conclude...ECONOMIC NODES/USERS = decentralization.They are the judge,jury & executioner. MINERS = security ( but based on rules set by economic node operators ).They provide/do all the work to keep network secure,to make users able to transact etc.And remember....nodes are the users.Power to the people !! But the true test for bitcoin is when BlackRock decided to pump the price of the newly-forked bitcoin if they do decide to fork it. At that time..even though the people/market will decide the outcome of the whole scenario...it's all about principles at that particular point and time ( freedom/decentralization/power back to the people ) vs selfishness ( money/greed ).