Size really doesn’t matter according to a new video clip released today on YouTube featuring Bitcoin’s self-appointed lead developer, Mike Hearn.
The longest Bitcoin chain is not necessarily the “correct” chain, especially if you’re talking about a bunch of communist crybaby miners. Hearn explains:
Merchants and exchanges would be running Bitcoin XT. If we imagine this sort of worst case scenario (a Chinese mining consensus) happening, we would ignore the longest chain, it doesn’t matter if it’s the longest chain.
This means the official bitcoin chain will be the one using 20MB blocks and supported by western payment processors and bitcoin exchanges, even if it’s not the longest chain. And to enforce these rules, a military style checkpoint system will be created to firewall the Chinese traffic and prevent it from disrupting the new order.
And according to Hearn, if the Chinese mining community doesn’t it, they can start their own Chinese altcoin and keep it confined to the communist territories.
If that’s really the case, it seems to me that Chinese Bitcoin is unsustainable and what you really need is a China-specific alt coin that can run entirely within the Chinese internet.
Until now, it had been believed that the longest chain would be considered the correct chain since it would have the highest amount of traffic. However, these latest developments seem to suggest that consensus is subjective and is ultimately determined by the man now writing bitcoin’s code.
What do you think? Are we entering a new Bitcoin paradigm where size doesn’t matter? Log in below using your favorite social network and weigh in on the discussion.
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