Day one of last month’s MIT Bitcoin Expo featured a panel discussion on various improvements to Bitcoin that are either currently in the works or already deployed on the network. Participants on the panel were Blockstream mathematician Andrew Poelstra , Blockstream Core Tech Engineer Mark Friedenbach , Lightning Network co-creator Joseph Poon and Bitcoin Core contributor Jonas Schnelli .
During the QA portion of the panel, an audience member asked the participants to share their opinions on the previous presentation, in which the World Bitcoin Network ‘s James D’Angelo posited the idea of replacing Bitcoin’s proof-of-work with elected individuals who would be trusted with mining blocks . The panel seemed generally bearish on D’Angelo’s proposal. Generally, the panel disagreed with the idea of turning Bitcoin into a democratically controlled currency.
Bitcoin Is Not a Democracy
Friedenbach was the first to respond to the audience member’s question, and he made a point of directly taking on the idea of Bitcoin as a democratically controlled currency. He noted:
“Bitcoin is not a democracy. It was never designed to be a democracy. Democracy