HighonBTC on Nostr: Beautifuly said. I have reset to prepare for #bitcoin not turning out to be the holy ...

Beautifuly said. I have reset to prepare for #bitcoin not turning out to be the holy grail I first thought #openmind

quoting
nevent1q…7yct

Respectfully SimonDixon (npub1546…f9mt)

The main argument for BIP-110 not having “enough consensus” was that no major exchanges, businesses, or developers supported it. If we can agree that these entities collectively hold the largest amount of BTC, then this is an admission that the more BTC you own, the more influence or veto power you have over protocol changes. This is literally the textbook definition of Proof of Stake, regardless of what assumptions we hold about the type of mining used.

If miners as a whole, emboldened by Big Bitcoin’s backing, can push through or veto protocol changes without first consulting the network, then this is literally not Bitcoin. At least, not what it was supposed to be.