Post
Topic
Board Bitcoin Discussion
Re: Bitcoin XT - Officially #REKT (also goes for BIP101 fraud)
by
brg444
on 29/10/2015, 23:04:47 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.
Here we go again, back to claiming that the will of the economic majority represents an attack on the network. I do not agree with calling a blockchain fork an altcoin since this is factually incorrect. I suppose however that if Bitcoin did split because of the blocksize debate then you would be in the minority. According to your own logic then the small block version of Bitcoin would then be the altcoin, I do not agree with this but it is an extension of your own logic. The majority of miners now support increasing the blocksize after all, whether you like it or not, this will happen.

51% of the HASHING POWER is NOT the economic majority. God damn you fail so hard.

The miners don't decide what chain is valid, the nodes & the investors (the real economic majority) do.

Jesus christ you are stupid. It's painfully obvious you're the one that's actually clueless about how the consensus process operates... You can insist into attempting to push us into your reality distortion field but realize that it only makes you all the more delusional.

The current standstill is not my favored outcome but the one of the economic majority as it currently exists. Until every actor in the ecosystem come to consensus on how to move forward then status quo will prevail.

You and your little minority of defectors can fork off, the sooner the better as anytime you open your mouth you are only making a fool of yourself and the ones who know better are merely regarding you as entertainment & comedy.