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Bitcoin is simply decision making by CPU power. Quote Satoshi: "Proof-of-work is essentially one-CPU-one-vote. The majority decision is represented by the longe
by bhaak 11y ago
Bitcoin is simply decision making by CPU power. Quote Satoshi: "Proof-of-work is essentially one-CPU-one-vote. The majority decision is represented by the longest chain, which has the greatest proof-of-work effort invested in it."
I didn't say that everyone follows automatically if there's a hard fork. But if there's a hard fork and an un-upgraded node finds itself on the losing side of the fork, it is lost.
Whoever generates the longest chain that gets accepted by the majority of the networks, wins.
- nullc 11y agoDon't mistake the ten second elevator pitch description for an engineering analysis. No version of any Bitcoin node software previously released has worked how you describe. The consensus selection rule is more complex: It's the longest _valid_ chain that nodes follow. Chains that violate the rules are ignored, and this is an integral part of the set of incentives that make the system work.
- zaphar 11y agoYou are correct. However the rules are determined by what the majority of miners say the rules are. If the miners decide to change those rules and they have enough others who agree with them then they can do so. And the economic incentive for everyone else is to agree with that or get left on a worthless network or a greatly decreased in value network. The economic incentive is that if you play nice with others and follow the majority ruleset then the coin that you mine will be worth something.
- maaku 11y ago> You are correct. However the rules are determined by what the majority of miners say the rules are. This is simply factually wrong.