Post
Topic
Board Bitcoin Discussion
Re: Bitcoin XT - Officially #REKT (also goes for BIP101 fraud)
by
danielW
on 29/11/2015, 16:25:27 UTC
If hypothetically more then seventy five percent of the miners supported BIP101 after January. Would Core recognize the will of the economic majority and implement BIP101?
You appear to be conflating unlike things here,  the BIP101 threshold is "75%" hashpower, which right now means perhaps two or three people at the moment. Two or three people are not an "economic majority" by any definition.
I do not think that seventy five percent of the hash power is controlled by three people. I think that pools operate in a similar fashion to a representative democracy for the miners, so there are thousands of miners represented by ten to twenty pools. In effect the pools act as a proxy for the miners and the miners are a proxy for the economic majority, since the miners are incentivized not to go against the economic majority. This makes consensus an emergent phenomena which is best represented through proof of work.

I agree but you just destroyed Gavins 'reasoning' for why only 75% percent hash rate was used. I.e. so a single pool can not block it. But like you yourself said pools are just proxys that represent miners.


I think the real underlaying reason 75% is set, is because Gavin instinctively knows that he wont be able to fork with consensus i.e. something like 95%.