Bitcoin’s Biggest Weakness May Be Political, Not Technical

The discussion around a potential hard fork of the Bitcoin blockchain caused by Bitcoin Classic has been centered around the development team’s proposed increase in the block size limit, but this new implementation of the Bitcoin protocol is about much more than a change to Bitcoin’s consensus rules. In fact, alterations to Bitcoin governance are one of the core points of the software client. As Bitcoin Classic Developer Gavin Andresen stated on a recent episode of Let’s Talk Bitcoin:

“This disagreement is (A) a disagreement about governance. How do we make these kinds of decisions? And (B) it’s a disagreement about how urgent the problem is right now.”

Coinbase CEO Brian Armstrong recently referred to the possibility of a hard fork as an election, which some would say puts Bitcoin’s role as algorithmically controlled money and payment system into question. If a majority of Bitcoin miners can vote on changes to the Bitcoin protocol, then the reality is that the system is controlled by much more than just math.

Bitcoin as Algorithmic Money

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Read more ... source: TheBitcoinNews

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