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The senatorial governance of Bitcoin: making (de)centralized money

tandfonline.com

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Re: The senatorial governance of Bitcoin: making (de)centralized money

#5

Post by cryptowizard »

robcohen wrote: post #3

Hopefully some of the PoS coins can help with this, we’ll see.

Possibly. But you still need a Lead Developer to sign off on decision making. And high net worth individuals will have consolidated voting rights on those decisions. Perhaps if PoS is mixed with other development models?

Re: The senatorial governance of Bitcoin: making (de)centralized money

#8

Post by jwilliams »

moneytide1 wrote: post #6

Once all 21 million coins are "produced" - what powered hardware will be required to manage transactions?

The same hardware. Miners get both a reward for mining (the fixed set of coins) as well as collecting fees. After they’re all mined, it’ll just be the fees.

Re: The senatorial governance of Bitcoin: making (de)centralized money

#9

Post by danans »

gl00pp wrote: post #4
cryptowizard wrote: post #2

If you have access to university libraries this academic article describes how Bitcoin production operates through centralized control points

Enlighten the graduates. How is BTC centralized. I'm waiting.

From the article abstract, it appears that this paper is more about how the governance behind modifying the bitcoin code itself is hierarchical, and not the separate but dependent issue of mining power for the current protocol being concentrated in relatively few hands:

"The overall political framework for altering the Bitcoin code is described as senatorial governance: a (de)centralized model of bureaucratic parties who compete to change the monetary policy (codified rules) of the protocol. This model shows how Bitcoin is not an autonomous system but is assembled and maintained via human discretion."

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