Quote from: synctext on June 25, 2014, 02:55:37 PM

That is decided by the majority. Every miner can select what to redlist.

Well at least it is impotent. Miners will take financial losses by not building off the longest chain. So despite the fact that you say every miner can do what they want the reality is it can't work unless a majority (preferably a super majority) of miners break the longest chain rule and build off a minority chain to FORCE the other miners to adopt the redlist by depriving them of revenue.

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This proposed mechanism is designed to give up if it sees that it is creating a fork after, for instance, 3 rounds.

When that happens on the miners stupid enough to build off of the minority chain loose. They lose all their block rewards on the orphaned chain. Of course you aren't dumb enough to not already know that. The only way redlisting works is through the threat of violence, aka "under penalty of law".

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This has gotten some initial press coverage, with more details:
http://www.wired.co.uk/news/archive/2014-06/25/regulating-bitcoin

Lots of bad ideas do.