BitMex Research: “Competing with Bitcoin Core” or Does Bitcoin Core really control bitcoin? TL;DR No

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Another great article from BitMex Research: https://blog.bitmex.com/bitcoin-cores-competition/

 

Abstract: We examine the power and dynamics of the “Bitcoin Core” software project and we draw distinctions between the various different ways one can compete with the project. We address the misconception that the Bitcoin Core software repository has the unique capability to change or prevent changes to Bitcoin’s consensus rules. We also discuss some common misconceptions and explain that if the Bitcoin Core repository becomes hijacked by nefarious actors or deleted, Bitcoin should be largely unaffected.

 

Some snippets from the article:

During the blocksize war, many characterised the debate as being Bitcoin Core vs miners or large businesses, with the Bitcoin Core side opposing hardforks and blocksize limit increases. In our view the characterisation was mostly incorrect. However, many who made this characterisation then subsequently concluded that Bitcoin Core won, since there was no hardfork. This same group therefore currently overestimate the power of Bitcoin Core, in our view.

 

Actually, in the summer of 2017, in some ways, a client competing with Bitcoin Core, Bitcoin UASF, overthrew Bitcoin Core and deliberately changed the networks consensus rules. Therefore, concluding that Bitcoin Core is all powerful, is the wrong lesson to learn from the blocksize war.

 

Following the resolution of the blocksize war, there is too much emphasis on the power of the Bitcoin Core software repository. Common questions now are “Who controls the repository?”, “What if they delete the Bitcoin Core GitHub?”. In our view, these questions may illustrate one is missing the point of Bitcoin.

 

The truth is, as hard as it is to appreciate, end users are ultimately in charge of Bitcoin.

 

 

Don't fall for the bullcrap promoted by conspiracy theorists in dark corners of the Internet. If, as some genuinely but misguidedly think, the "majority" of the community wanted big blocks, bitcoin would have big blocks. There is no Core <– Blockstream <– AXA <– Bilderberg control of Bitcoin by the banksters.

You, and only you, decide which consensus rules to run. That's what makes the network as strong as it is.

 

Run you own node.

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Kryptous

Crypto Coins News - Ratings - Reviews

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Ticker

1 BTC = $23869.61 USD  (via Coinbase)
1 ETH = $1776.82 USD  (via Coinbase)
1 LTC = $62.76 USD  (via Coinbase)
Quotes delayed up to 2 minutes.

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