So, here is what's going to happen.
In NXT, forgers decide what chain to forge on.
NXT is all for decentralization.
CfB is against a rollback, he said, but he sees not giving a choice to the community as a centralized decision on his part.
That's why he's going to put a modified release for download, which rolls back the chain.
If enough forgers download that release and forge with it and their chain is longer, then that chain wins and the hack is rolled back.
If enough forgers stay on the old chain and keep it the longest, then the hack is not rolled back.
That's how decentralization works in the PoS world.
The equivalent in PoW would be 51% of the miners mining on the longest chain, it's same in PoS.
Let's see how this drama unfolds
In NXT, forgers decide what chain to forge on.
NXT is all for decentralization.
CfB is against a rollback, he said, but he sees not giving a choice to the community as a centralized decision on his part.
That's why he's going to put a modified release for download, which rolls back the chain.
If enough forgers download that release and forge with it and their chain is longer, then that chain wins and the hack is rolled back.
If enough forgers stay on the old chain and keep it the longest, then the hack is not rolled back.
That's how decentralization works in the PoS world.
The equivalent in PoW would be 51% of the miners mining on the longest chain, it's same in PoS.
Let's see how this drama unfolds
Right.
This is exactly what decentralisation is.
Like I was saying earlier in the thread.
Coordination of peers/forger into a voting block is not decentralized.
Not all Nxt holders will be involved in the decision-making process, and the smaller shareholders and retail partners will be alienated - even if such a measure reaches 51%.
In the case of retailers, they could potentially face loses for services rendered or products sold.
In view of that, what major investor or retailer would dare make any future commitments to Nxt if they know Nxt has a history of doing rollbacks?
Would a major retailer be willing to offer a Nxt payment option to their customers knowing a rollback is a possibility?
Exactly, going back in blockchain is an unwritten rule. It shouldn't happen. If this happens it clearly means that the miners which chose to do so act in a centralized way for their own private benefit(a real life revolution always has couple of central leaders without which the revolution would fail). The small miners will not have a choice. It will be mostly decided the by pools owners.
Going back into the blockchain is a centralized decision no matter how you look at it and who takes part in it. Unless there is a major bug affecting all users, the rolling back shouldn't be an option.
I do not get this logic - if a huge percentage of the forgers or whatever the fuck this is called in nxt decides to roll back, how is this a centralized decision?
I think the proposal given is great - no matter how the forgers decide.