Post
Topic
Board Bitcoin Discussion
Re: Estranged Core Developer Gavin Andresen Finally Makes Sensible 2MB BIP Proposal!
by
VeritasSapere
on 07/02/2016, 17:13:28 UTC
where in the consensus mechanism to they get to decide?
Part of the time you guys are talking about the economic majority being important, then about the miners being the sole ones who decide. What's next? Make up your mind. Miners can't move without the industry and users; who are they going to sell their coins to?
I will try and explain it you again Lauda, even though your posts are becoming increasingly irrational. Miners follow the economic majority because of the incentive mechanism. Miners are the only group that actually have a reliable voting mechanism that can not be manipulated, proof of work. This is part of my theory on Bitcoin governance:

Quote from: VeritasSapere
Consensus is an emergent property which flows from the will of the economic majority. Proof of work is the best way to measure this consensus. The pools act as proxy for the miners, pools behave in a similar way to representatives within a representative democracy. Then in turn the miners act as a proxy for the economic majority. Since the miners are incentivized to follow the economic majority. In effect the economic majority rules Bitcoin, in other words the market rules Bitcoin. Bitcoin relies on the economic self-interest of the masses to govern consensus.