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A hard fork in a decentralized cryptocurrency is democratic, users chose which of the 2 new chains assets' they want to keep. No binary winner is decided, the m

by leppr 6y ago

A hard fork in a decentralized cryptocurrency is democratic, users chose which of the 2 new chains assets' they want to keep. No binary winner is decided, the market currently values ETH as 122 times more valuable than ETC, but ETC is not censored. The sentencing of criminals in republics is very removed from democratic action (see drug criminalization).

jude- 6y ago
> A hard fork in a decentralized cryptocurrency is democratic, users chose which of the 2 new chains assets' they want to keep. Show us the votes, then. Did a majority of miners and/or coinholders vote to hard-fork?
perryizgr8 6y ago
> A hard fork in a decentralized cryptocurrency is democratic Yup, and I don't want public votes to decide the amount of money I have.
- whimsicalism 6y ago
  > public votes to decide the amount of money I have. Unfortunately, there is no alternative. The value of what you have is decided by what people are willing to pay for it in markets. If people decide that they value the forked ETH that doesn't provide the money to the people who stole from the DAO more than the version where those people have all of the money, then it is going to be more valuable. You don't escape this problem with fiat either. Basic market mechanisms like this are pretty much inescapable.
  - leppr 6y ago
    Gold or other physical scarce assets come pretty close to allowing you to escape this.
    - whimsicalism 6y ago
      Ah yes, the constant value of gold https://www.macrotrends.net/1333/historical-gold-prices-100-year-chart https://www.macrotrends.net/1333/historical-gold-prices-100-... As I said, there is no escaping market mechanisms, as value is market contextual. Certainly, there are assets with more or less stable value, but that is still due to the whims of what people (ie. the "public") are willing to pay.
      - leppr 6y ago
        Yes, the point here is not about the total valuation of each asset, which affects every holder equally, but about how individuals can influence, or not, the relative distribution of said asset. If I'm, say, from a persecuted cultural group, I'll want to keep my wealth in an asset that has the same value whether I or someone else own it. Precious metals fit this bill better than both fiat and public-ledger cryptocurrencies.

by leppr 6y ago

jude- 6y ago

> A hard fork in a decentralized cryptocurrency is democratic, users chose which of the 2 new chains assets' they want to keep. Show us the votes, then. Did a majority of miners and/or coinholders vote to hard-fork?

perryizgr8 6y ago

> A hard fork in a decentralized cryptocurrency is democratic Yup, and I don't want public votes to decide the amount of money I have.

whimsicalism 6y ago
> public votes to decide the amount of money I have. Unfortunately, there is no alternative. The value of what you have is decided by what people are willing to pay for it in markets. If people decide that they value the forked ETH that doesn't provide the money to the people who stole from the DAO more than the version where those people have all of the money, then it is going to be more valuable. You don't escape this problem with fiat either. Basic market mechanisms like this are pretty much inescapable.
- leppr 6y ago
  Gold or other physical scarce assets come pretty close to allowing you to escape this.
  - whimsicalism 6y ago
    Ah yes, the constant value of gold https://www.macrotrends.net/1333/historical-gold-prices-100-year-chart https://www.macrotrends.net/1333/historical-gold-prices-100-... As I said, there is no escaping market mechanisms, as value is market contextual. Certainly, there are assets with more or less stable value, but that is still due to the whims of what people (ie. the "public") are willing to pay.
    - leppr 6y ago
      Yes, the point here is not about the total valuation of each asset, which affects every holder equally, but about how individuals can influence, or not, the relative distribution of said asset. If I'm, say, from a persecuted cultural group, I'll want to keep my wealth in an asset that has the same value whether I or someone else own it. Precious metals fit this bill better than both fiat and public-ledger cryptocurrencies.