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I'm guessing the downvotes were a response to the tone of the post, not the actual content. Though, the content itself is incorrect as well. Consensus has been
by Taek 9y ago
I'm guessing the downvotes were a response to the tone of the post, not the actual content.
Though, the content itself is incorrect as well. Consensus has been achieved by the miners and by a few major payment processors, but not by the userbase. Blockchains though are very resistant to moves by major players, and even the miners being at 85% are not enough to force fundamental changes like this into the network if the users do not actively want to participate in the changes.
Note the wording there. The users have to opt-in to a change like this. It's opt-in, not opt-out. I'm very doubtful that software which is not even out in the wild yet is going to be able to get a majority of users to opt-in within a 3 week timeline.
We will know soon enough for sure.
- wyager 9y agoIt's a bad idea to downvote one of the only correct posts in the entire thread (at that time) because of its tone. Bitcoin consensus is definitionally achieved by miner PoW. Yes, they are beholden to market pressure from users, but saying that concensus is "by the user base" is misleading. I'm using the terminology from the bitcoin white paper
- azm1 9y agoWhat type of power has the user base on the blockchain?
- Taek 9y agoCoins only have value if people accept them as valuable. The userbase ultimately decides whether or not they would accept payment via a certain coin. If the userbase is not interested in a coin, it will not matter how much hashrate is behind the coin, or how many figureheads try to prop it up. That coin will not have value.
- _nalply 9y agoI imagine an user who gets some coins and he will say fuck it, I keep them. Aaaand the coins have value.