Post
Topic
Board Bitcoin Discussion
Re: Bitcoin XT - Officially #REKT (also goes for BIP101 fraud)
by
brg444
on 29/10/2015, 21:54:08 UTC
bitcoin is not a democracy.

it's a consensus (defined by a 90-95% global threshold)

else status quo.
Bitcoin is form of democracy, it has it build right into the algorithm, Bitcoin will reflect the will of the economic majority.

It only requires 51% of the mining power to fork Bitcoin so repeating that it is a consensus only defined by 90-95% is meaningless. You are ignoring the reality that consensus is often impossible among large groups of people.

A 51% fork is righteously called an attack on the network.

Any change that involves less than a super-majority agreement is to be considered contentious and a subsequent fork is to be considered an altcoin if it results in the existence of two separate networks.

For that reason, Bitcoin is not ruled by the majority and therefore is not a democracy.

Don't confuse consensus and unanimity. No one said changes require 100% support.