“As far as open-source protocols go, one area in which Bitcoin is unique is the sheer difficulty of making any changes to the protocol. Unlike most other protocols, where features can be added, modified or deprecated at a moment’s notice, in Bitcoin alone, absolute consensus is required. As a result, most of the decisions that Satoshi Nakamoto made in 2008 we are essentially stuck with. Although Satoshi’s choices were by no means perfect, fortunately it appears that he has been right more often than not; in fact, there are several instances in which we are all better off for the choices Satoshi made for reasons that even he did not imagine.”
(Visited 80 times, 1 visits today)
Related posts:
An Orwellian America
Cyprus, The First Domino?
Publishing Atrocity: The 1963 Edition of Human Action
The Market Shall Set North Korea Free
The Ecuadorian Library: or, The Blast Shack After Three Years
The Echo Boom in Housing-Recovery Stocks
George Carlin: The Illusion Of Choice
Labor Day 2013: How To Get and Keep a Job in a Fast-Changing Economy
John Grisham: After Guantánamo, Another Injustice
John Hussman: Do the Lessons of History No Longer Apply?
How Bad Can Things Get?
The Egyptian Debacle
Is the Gold Market Manipulated?
South Africa and Ending Apartheid: The Free-Market Road Not Taken
Why a pizza can’t fly