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the article is spot on when it comes to Distributed Ledger Technology (DLT) but misses the point of Bitcoin. Many in the community cite the lack of governance
by isubkhankulov 9y ago
the article is spot on when it comes to Distributed Ledger Technology (DLT) but misses the point of Bitcoin.
Many in the community cite the lack of governance as a strength of Bitcoin. It's resilience is a virture because it becomes difficult to corrupt, unlike centralized governance of traditional payment methods.
- Nursie 9y agoI think you might have missed the point of the article - bitcoin is still governed by a small group of people, but its governance is informal and chaotic. It is not governance-free.
- isubkhankulov 9y agonot small at all. any substantial change needs buy in from users, miners and developers. not to mention companies.
- Nursie 9y agoPractically, mining has become relatively confined to a few parties, individual users have fairly little power and the developers hold quite a lot. Regardless of relative size of this group, governance is opaque, political and chaotic, not either absent or purely mathematical.
- dragonwriter 9y ago> Many in the community cite the lack of governance as a strength of Bitcoin. Bitcoin has opaque governance; it does not have a lack of governance. > It's resilience is a virture because it becomes difficult to corrupt It is not at all difficult to corrupt. (Arguably, since it's fundamentally based on “them what have they gold, make the rules”, it's foundationally corrupt and takes nothing additional to corrupt. But, in any case, all it takes to corrupt it is will and money.)
- isubkhankulov 9y agoopaque? have you seen the bitcoin dev mailing list? or the github issue list?
- isubkhankulov 9y agoyour second point, what are you basing that on?