Post
Topic
Board Bitcoin Discussion
Re: ToominCoin aka "Bitcoin_Classic" #R3KT
by
BldSwtTrs
on 23/01/2016, 19:03:21 UTC



It's interesting to see how Back frames the Nakamoto consensus as democracy.

What he doesn't get is that in effect the Nakamoto consensus is a proxy for a market mechanisms. Democracy is not market, the two are entirely different beasts.

He thinks it's a struggle between democracy and logic whereas it's a struggle between market (what is called democracy) and central planning (what he called logic).

If Bitcoin is forked it will only means that miners care about the long term value of the system, not that they are illogical people who follow demagogic arguments. His views of the world is incredibly patronizing ("I am logical, the other are illogical"). He doesn't get that logic is a poor guide in a complex environment.