On consensus changes in bitcoin 2024

On consensus changes in bitcoin 2024

Original Postby harding

Posted on: January 11, 2024 03:04 UTC

The topic under discussion pertains to the nature of Bitcoin mining and its potential implications on the cryptocurrency's consensus rules.

The argument presented challenges the notion that the process and participants in Bitcoin mining have remained consistent, with the only change being an increase in stakes. This assertion is countered with the historical precedent of the July 2015 chain forks, which serves as evidence that miners have previously engaged in false signaling, leading to unintended chain splits. This example can be found detailed at

Furthermore, the conversation raises concerns about the hypothetical scenario where miners might falsely signal their intentions, potentially resulting in financial theft from users who are not running a specific client software. Such actions would represent a significant deviation from established practices and could undermine trust in the system.

Additionally, the dialogue includes a hypothetical situation questioning whether Bitcoin's consensus rules should be altered if miners decided to include only transactions that comply with the Office of Foreign Assets Control (OFAC). This suggestion implies a radical shift from Bitcoin's original principles, as it would introduce external regulatory compliance into the decentralized transaction verification process, fundamentally altering the nature of the cryptocurrency's operation and governance.