Posted by Pieter Wuille
May 21, 2025/17:52 UTC
The email from Pieter emphasizes the distinction between publicly-enforced deals within the Bitcoin network and private business agreements. Publicly-enforced deals refer to transactions or mechanisms that are openly executed within the Bitcoin network, allowing anyone to participate without needing explicit permission from others. This concept is contrasted with private business deals, which are based on legal agreements between known parties and may require legal recourse if issues arise. Such private deals necessitate identifiable parties and potentially compromise the permissionless nature of entry into the mining market.
Pieter points out that for miners, relying on revenue streams from identifiable real-world contracts could be detrimental. This reliance could hinder new, smaller-hashrate miners who may not be in a strong position to negotiate their own contracts or might compel them to join conglomerates of miners. Joining such conglomerates would then require seeking permission, which is contrary to the foundational principle of permissionless participation in the Bitcoin network.
Moreover, Pieter acknowledges the logical demand for services that could lead to these types of agreements but warns of the potential threats they pose to the ecosystem. He suggests the Bitcoin community should carefully consider strategies to prevent the emergence of such practices that could undermine the decentralized and open nature of the network. This call to action aims to preserve the integrity and foundational principles of Bitcoin, ensuring it remains accessible and equitable for all participants.
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