Democracy is dictatorship by the majority.
Bitcoin is a Democracy by definition. or maybe more of a "Democracy with exile"
what is bitcoin?
Nodes express their acceptance of a new block by mining on top of it and the longest chain composed of valid transactions is Bitcoin.
there you go the bitcoin = whatever the majority of hashing power believes is bitcoin.
What a twisted idea.
So if "the majority of hashing power", say, 55%, starts mining Kanyecoin rather than Bitcoin than it becomes Bitcoin?
says satoshi
it really has to be a fork of bitcoin with the majority of hashing power
No.
Bitcoin is defined by the consensus rules defined in the software the nodes run. Not what some miners decides to mine...
i'm telling you what the "consensus rules" are,
Nodes express their acceptance of a new block by mining on top of it and the longest chain composed of valid transactions is Bitcoin.
this is from the white paper. and it wouldn't make any sense any other way.
That is a common misconception of what actually happens. Here:
Not really. "the longest chain" is ambiguous. It should really be "the longest valid chain", and then you need to define which coin's concept of "validity" you're using. Every client follows the longest valid chain - that's precisely how they decide which chain to follow.
...
Litecoin forked from Bitcoin. Its chain grows 4 times faster than Bitcoin's. There's a 0% chance that Bitcoin can catch up with the length of Litecoin's chain. Nobody cares. Core ignores the Litecoin chain in the same way that it will ignore the XTcoin chain once XT's chain becomes incompatible with Bitcoin's.
...
Litecoin forked from Bitcoin. Its chain grows 4 times faster than Bitcoin's. There's a 0% chance that Bitcoin can catch up with the length of Litecoin's chain. Nobody cares. Core ignores the Litecoin chain in the same way that it will ignore the XTcoin chain once XT's chain becomes incompatible with Bitcoin's.
Your welcome.
so you agree with me.
the longest chain composed of valid transactions is Bitcoin.
oh yaLitecoin forked from Bitcoin. Its chain grows 4 times faster than Bitcoin's. There's a 0% chance that Bitcoin can catch up with the length of Litecoin's chain. Nobody cares. Core ignores the Litecoin chain in the same way that it will ignore the XTcoin chain once XT's chain becomes incompatible with Bitcoin's.
litecoin didn't fork from bitcoin
litecoin's CODE was a bitcoin fork
Big difference.
bitcoin XT attempted to fork from bitcoin.
to call it a fork it needs to include the blockchain up until the fork