Economic majority - Revision history

Belcher: /* See Also */ added link to full node article

2018-01-06T17:45:10Z

See Also: added link to full node article

← Older revision		Revision as of 17:45, 6 January 2018
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	==See Also==		==See Also==

			* [[Full node#Economic_strength]]
	* [http://bitcoin.stackexchange.com/questions/8285 Is Bitcoin's Economic Majority those who already own coins or those who will buy or keep coins?] on Bitcoin Stack Exchange		* [http://bitcoin.stackexchange.com/questions/8285 Is Bitcoin's Economic Majority those who already own coins or those who will buy or keep coins?] on Bitcoin Stack Exchange
	* [[Bitcoin is not ruled by miners]]		* [[Bitcoin is not ruled by miners]]

Belcher: added link to "bitcoin is not ruled by miners"

2017-08-08T12:08:01Z

added link to "bitcoin is not ruled by miners"

← Older revision		Revision as of 12:08, 8 August 2017
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	* [http://bitcoin.stackexchange.com/questions/8285 Is Bitcoin's Economic Majority those who already own coins or those who will buy or keep coins?] on Bitcoin Stack Exchange		* [http://bitcoin.stackexchange.com/questions/8285 Is Bitcoin's Economic Majority those who already own coins or those who will buy or keep coins?] on Bitcoin Stack Exchange
			* [[Bitcoin is not ruled by miners]]

	==References==		==References==

Judah mu at 20:23, 24 September 2015

2015-09-24T20:23:24Z

← Older revision		Revision as of 20:23, 24 September 2015
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	If there are changes to the protocol that are not welcomed by those who want bitcoins but the changes are adopted by miners regardless, then the coins mined (starting with the first non-compliant block mined) would not be recognized by those who didn't adopt all the changes. Thus those miners would then, in that instance, not gain economically from introducing any changes that the Economic Majority didn't want. This outcome would be the same regardless of whether or not the miners that attempted to make the changes had 51% of the hashing capacity.		If there are changes to the protocol that are not welcomed by those who want bitcoins but the changes are adopted by miners regardless, then the coins mined (starting with the first non-compliant block mined) would not be recognized by those who didn't adopt all the changes. Thus those miners would then, in that instance, not gain economically from introducing any changes that the Economic Majority didn't want. This outcome would be the same regardless of whether or not the miners that attempted to make the changes had 51% of the hashing capacity.

	So the ability for a protocol change to be successfully implemented ultimately rests with those who accept bitcoins in exchange for value. Generally those will be the merchants. If the economic majority doesn't run full nodes Bitcoin is dead.		So the ability for a protocol change to be successfully implemented ultimately rests with those who accept bitcoins in exchange for value. Generally those will be the merchants. If the economic majority doesn't run full nodes Bitcoin is dead<ref>[https://www.reddit.com/r/Bitcoin/comments/3lzm6d/can_i_use_bitcoin_without_storing_the_entire/cvazdc8 Bitcoin Expert]</ref>.

	Credit goes to Meni Rosenfield for first coining the term<ref>[http://bitcoin.stackexchange.com/questions/3945/how-could-the-bitcoin-protocol-be-changed-has-this-ever-occurred#comment4983_3948 How could the bitcoin protocol be changed? Has this ever occurred?]</ref>.		Credit goes to Meni Rosenfield for first coining the term<ref>[http://bitcoin.stackexchange.com/questions/3945/how-could-the-bitcoin-protocol-be-changed-has-this-ever-occurred#comment4983_3948 How could the bitcoin protocol be changed? Has this ever occurred?]</ref>.

Judah mu: Undo revision 58915 by Judah mu (talk)

2015-09-24T20:22:35Z

Undo revision 58915 by Judah mu (talk)

← Older revision		Revision as of 20:22, 24 September 2015
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	If there are changes to the protocol that are not welcomed by those who want bitcoins but the changes are adopted by miners regardless, then the coins mined (starting with the first non-compliant block mined) would not be recognized by those who didn't adopt all the changes. Thus those miners would then, in that instance, not gain economically from introducing any changes that the Economic Majority didn't want. This outcome would be the same regardless of whether or not the miners that attempted to make the changes had 51% of the hashing capacity.		If there are changes to the protocol that are not welcomed by those who want bitcoins but the changes are adopted by miners regardless, then the coins mined (starting with the first non-compliant block mined) would not be recognized by those who didn't adopt all the changes. Thus those miners would then, in that instance, not gain economically from introducing any changes that the Economic Majority didn't want. This outcome would be the same regardless of whether or not the miners that attempted to make the changes had 51% of the hashing capacity.

	So the ability for a protocol change to be successfully implemented ultimately rests with those who accept bitcoins in exchange for value. Generally those will be the merchants. If the economic majority doesn't run full nodes Bitcoin is dead~~<ref>[https://www.reddit.com/r/Bitcoin/comments/3lzm6d/can_i_use_bitcoin_without_storing_the_entire/cvazdc8 Bitcoin Expert</ref>~~.		So the ability for a protocol change to be successfully implemented ultimately rests with those who accept bitcoins in exchange for value. Generally those will be the merchants. If the economic majority doesn't run full nodes Bitcoin is dead.

	Credit goes to Meni Rosenfield for first coining the term<ref>[http://bitcoin.stackexchange.com/questions/3945/how-could-the-bitcoin-protocol-be-changed-has-this-ever-occurred#comment4983_3948 How could the bitcoin protocol be changed? Has this ever occurred?]</ref>.		Credit goes to Meni Rosenfield for first coining the term<ref>[http://bitcoin.stackexchange.com/questions/3945/how-could-the-bitcoin-protocol-be-changed-has-this-ever-occurred#comment4983_3948 How could the bitcoin protocol be changed? Has this ever occurred?]</ref>.

Judah mu at 20:20, 24 September 2015

2015-09-24T20:20:29Z

← Older revision		Revision as of 20:20, 24 September 2015
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	If there are changes to the protocol that are not welcomed by those who want bitcoins but the changes are adopted by miners regardless, then the coins mined (starting with the first non-compliant block mined) would not be recognized by those who didn't adopt all the changes. Thus those miners would then, in that instance, not gain economically from introducing any changes that the Economic Majority didn't want. This outcome would be the same regardless of whether or not the miners that attempted to make the changes had 51% of the hashing capacity.		If there are changes to the protocol that are not welcomed by those who want bitcoins but the changes are adopted by miners regardless, then the coins mined (starting with the first non-compliant block mined) would not be recognized by those who didn't adopt all the changes. Thus those miners would then, in that instance, not gain economically from introducing any changes that the Economic Majority didn't want. This outcome would be the same regardless of whether or not the miners that attempted to make the changes had 51% of the hashing capacity.

	So the ability for a protocol change to be successfully implemented ultimately rests with those who accept bitcoins in exchange for value. Generally those will be the merchants. If the economic majority doesn't run full nodes Bitcoin is dead.		So the ability for a protocol change to be successfully implemented ultimately rests with those who accept bitcoins in exchange for value. Generally those will be the merchants. If the economic majority doesn't run full nodes Bitcoin is dead<ref>[https://www.reddit.com/r/Bitcoin/comments/3lzm6d/can_i_use_bitcoin_without_storing_the_entire/cvazdc8 Bitcoin Expert</ref>.

	Credit goes to Meni Rosenfield for first coining the term<ref>[http://bitcoin.stackexchange.com/questions/3945/how-could-the-bitcoin-protocol-be-changed-has-this-ever-occurred#comment4983_3948 How could the bitcoin protocol be changed? Has this ever occurred?]</ref>.		Credit goes to Meni Rosenfield for first coining the term<ref>[http://bitcoin.stackexchange.com/questions/3945/how-could-the-bitcoin-protocol-be-changed-has-this-ever-occurred#comment4983_3948 How could the bitcoin protocol be changed? Has this ever occurred?]</ref>.

Judah mu at 20:18, 24 September 2015

2015-09-24T20:18:19Z

← Older revision		Revision as of 20:18, 24 September 2015
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	If there are changes to the protocol that are not welcomed by those who want bitcoins but the changes are adopted by miners regardless, then the coins mined (starting with the first non-compliant block mined) would not be recognized by those who didn't adopt all the changes. Thus those miners would then, in that instance, not gain economically from introducing any changes that the Economic Majority didn't want. This outcome would be the same regardless of whether or not the miners that attempted to make the changes had 51% of the hashing capacity.		If there are changes to the protocol that are not welcomed by those who want bitcoins but the changes are adopted by miners regardless, then the coins mined (starting with the first non-compliant block mined) would not be recognized by those who didn't adopt all the changes. Thus those miners would then, in that instance, not gain economically from introducing any changes that the Economic Majority didn't want. This outcome would be the same regardless of whether or not the miners that attempted to make the changes had 51% of the hashing capacity.

	So the ability for a protocol change to be successfully implemented ultimately rests with those who accept bitcoins in exchange for value. Generally those will be the merchants.		So the ability for a protocol change to be successfully implemented ultimately rests with those who accept bitcoins in exchange for value. Generally those will be the merchants. If the economic majority doesn't run full nodes Bitcoin is dead.

	Credit goes to Meni Rosenfield for first coining the term<ref>[http://bitcoin.stackexchange.com/questions/3945/how-could-the-bitcoin-protocol-be-changed-has-this-ever-occurred#comment4983_3948 How could the bitcoin protocol be changed? Has this ever occurred?]</ref>.		Credit goes to Meni Rosenfield for first coining the term<ref>[http://bitcoin.stackexchange.com/questions/3945/how-could-the-bitcoin-protocol-be-changed-has-this-ever-occurred#comment4983_3948 How could the bitcoin protocol be changed? Has this ever occurred?]</ref>.

Harding: Added Bitcoin Core documentation navbox

2015-08-17T16:09:43Z

Added Bitcoin Core documentation navbox

← Older revision		Revision as of 16:09, 17 August 2015
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	==References==		==References==
	<references />		<references />

			{{Bitcoin Core documentation}}

Sgornick: Clarifications and readability.

2014-06-05T13:25:24Z

Clarifications and readability.

← Older revision		Revision as of 13:25, 5 June 2014
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	As long as mining is conducted for economic gain, then any change adopted by the miners needs to be supported by the '''economic majority''' for it to be successfully implemented.		As long as mining is conducted for economic gain, then any change adopted by the miners needs to be supported by the '''economic majority''' for it to be successfully implemented.

	~~While miners could adopt~~ changes that are not welcomed by those who want bitcoins ~~and start mining using~~ the changes, ~~their~~ mined ~~coins might~~ not be ~~accepted~~ by ~~users that refuse to~~ adopt the changes. Thus those miners would then, in that instance, not gain economically from ~~adopting~~ the ~~change~~. This ~~scenario exists~~ regardless of whether or not the miners ~~adopting~~ the ~~change~~ had 51% of the hashing ~~strength~~.		If there are changes to the protocol that are not welcomed by those who want bitcoins but the changes are adopted by miners regardless, then the coins mined (starting with the first non-compliant block mined) would not be recognized by those who didn't adopt all the changes. Thus those miners would then, in that instance, not gain economically from introducing any changes that the Economic Majority didn't want. This outcome would be the same regardless of whether or not the miners that attempted to make the changes had 51% of the hashing capacity.

	So the ability for a protocol change to be successfully implemented ultimately rests with those who accept bitcoins in exchange for value. Generally those will be the merchants.		So the ability for a protocol change to be successfully implemented ultimately rests with those who accept bitcoins in exchange for value. Generally those will be the merchants.

Holy-Fire at 17:35, 13 November 2013

2013-11-13T17:35:31Z

← Older revision		Revision as of 17:35, 13 November 2013
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	As long as mining is conducted for economic gain, then any change adopted by the miners needs to be supported by the '''economic majority''' for it to be successfully implemented.		As long as mining is conducted for economic gain, then any change adopted by the miners needs to be supported by the '''economic majority''' for it to be successfully implemented.

	While miners could adopt changes that are not welcomed by those ~~holding~~ bitcoins and start mining using the changes, their mined coins might not be accepted by users that refuse to adopt the changes. Thus those miners would then, in that instance, not gain economically from adopting the change. This scenario exists regardless of whether or not the miners adopting the change had 51% of the hashing strength.		While miners could adopt changes that are not welcomed by those who want bitcoins and start mining using the changes, their mined coins might not be accepted by users that refuse to adopt the changes. Thus those miners would then, in that instance, not gain economically from adopting the change. This scenario exists regardless of whether or not the miners adopting the change had 51% of the hashing strength.

	So the ability for a protocol change to be successfully implemented ultimately rests with those who accept bitcoins in exchange for value. Generally those will be the merchants.		So the ability for a protocol change to be successfully implemented ultimately rests with those who accept bitcoins in exchange for value. Generally those will be the merchants.

Sgornick: Add See Also with entry for Bitcoin Stack Exchange question.

2013-09-03T18:06:07Z

Add See Also with entry for Bitcoin Stack Exchange question.

← Older revision		Revision as of 18:06, 3 September 2013
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	Credit goes to Meni Rosenfield for first coining the term<ref>[http://bitcoin.stackexchange.com/questions/3945/how-could-the-bitcoin-protocol-be-changed-has-this-ever-occurred#comment4983_3948 How could the bitcoin protocol be changed? Has this ever occurred?]</ref>.		Credit goes to Meni Rosenfield for first coining the term<ref>[http://bitcoin.stackexchange.com/questions/3945/how-could-the-bitcoin-protocol-be-changed-has-this-ever-occurred#comment4983_3948 How could the bitcoin protocol be changed? Has this ever occurred?]</ref>.

			==See Also==

			* [http://bitcoin.stackexchange.com/questions/8285 Is Bitcoin's Economic Majority those who already own coins or those who will buy or keep coins?] on Bitcoin Stack Exchange

	==References==		==References==
	<references />		<references />