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One capability of bitcoin not often addressed is the ability for the majority of its users to change the rules. If you can get the majority of users to agree t
by pixelcort 13y ago
One capability of bitcoin not often addressed is the ability for the majority of its users to change the rules.
If you can get the majority of users to agree to a change in the rules, then they will fork off the block chain in a direction that follows those new rules. Of course, you will have some percentage of users who like the old rules, and could theoretically continue on the old block chain.
One rule change, for example, is to have miners vote on the reward for new blocks found. Then, every so often take the medium or a random vote and award that amount for new blocks mined. This would allow miners to regulate the amount of new coin being mined, which could level off the exchange rates between bitcoin and the world currencies.