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In most cases mining and PoS-schemes can’t really be meaningfully called “governance”. The miners hold very limited decisionmaking power, in the case of Bitcoin

In most cases mining and PoS-schemes can’t really be meaningfully called “governance”. The miners hold very limited decisionmaking power, in the case of Bitcoin they can’t do much more than censor transactions (and even that is hardly practical).

seoaeu 5y ago
Who decided the block size? Who decided to adopt SegWit?
- ryanlol 5y ago
  Not the miners. They’re only one of many parties with influence over Bitcoin development.
  - kayamon 5y ago
    Miners are the only people who decide the rules of Bitcoin. They vote with their mining power. (this is in the paper)
    - wmf 5y ago
      Bitcoin isn't bound by the white paper.
- mateuszf 5y ago
  > Who decided the block size? Who decided to adopt SegWit? Users running bitcoin nodes doing transactions validations, not miners creating transactions.
mclightning 5y ago
Miners/Pools could go on strike. PoS schemes will require you to pool as well, meaning there will be centrally controlled staking pools. These pools will yield great power too.
- ryanlol 5y ago
  There are huge economic incentives that make miner strikes pretty unrealistic. It’s hard to imagine a situation where this wouldn’t backfire big time.
  - mclightning 5y ago
    Depends on the change specific EIP brings...