Subject: Re: [bitcoin-dev] Bitcoin XT 0.11A

From: Tamas Blummer <[email-masked]>
Date: Thu, 20 Aug 2015 16:25:21 +0200

POW is by design the voting mechanism for the valid chain continuation.

Many rightfully dislike that the same voting mechanism is used on the validity rules, since ideally
validators (non-mining full nodes), SPV user and even those having an investment in their cold wallet
would all have a vote.

That ideal voting mechanism is not yet in the protocol.

Before XT we used discussions and an informal consensus of those with commit access to github to evolve Bitcoin.
The decision, not the discussion, is now suggested to be replaced with POW vote with XT.

It is not hard to see problems with both approaches.

If XT comes closer to miner majority, validators will also be forced to take side, so they will be able to express
their vote. I think that most Bitcoin entrepreneurs will pick XT if Core has no comparable offer
to scale transactions per second.

XT, Not-XT and a Core with some not-BIP101 offer will potentially set the stage for the perfect hard fork storm.

I still believe, that the idea of Bitcoin is powerful enough to weather that storm.

Tamas Blummer

> On Aug 20, 2015, at 14:29, Milly Bitcoin via bitcoin-dev <[email-masked]> wrote:
> 
>> Security is provided via POW.
> 
> POW is only one aspect of security and that algorithm was created by developers and adopted by miners.  Developers provide security by creating an algorithm and miners provide security by adopting it.  If the developers and miners decided to do something insecure then Bitcoin will be insecure.  POW is not some outside force.
> 
> The security of Bitcoin as a system is a very complex subject that involve a number of factors that are the result of actions by humans.
> 
> Russ
> 
> 
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