Join 76,495 users and earn money for participation

Summary of Today's BCH Governance Discussion

77 658 exc boost
Avatar for emergent_reasons
Written by   294
1 year ago

Referring to this meeting (tweet), "Does #BitcoinCash Need Governance?" This summary is strongly influenced by my own views but I think it is not far from a summary of the discussion. Sorry if I missed important details.

The market decides.

The market makes the final decision but that's far too late and reactionary for difficult issues. Any difficult issues will have caused a damaging loss of network effect by the time the market is forced to make a hard choice.

Futures markets are a powerful signal and can help. However in the absence of clearer consensus, they may end up being Keynesian Beauty Contests where the market convenes on the winner rather than convening on the best future outcome. In other words, they are not enough alone.

Miners decide. Stakeholders provide clarity.

Miners have a unique position in BCH to enforce rules and incentives with Proof of Work (POW). When there are difficult issues, stakeholders must make sure that miners have clear and convergent information from the whole ecosystem including other miners (e.g. through BMP). Then miners can be well informed for their POW decisions and the BCH network can continuously build network effect in a predictable environment instead of shedding it with regular conflict.

How to provide clarity?

What we need then are mechanisms to help the ecosystem converge on issues long before they become emergencies at the center of a split. Workable options are BMP, polling through liquid democracy, coin staking, and certainly more. It sounds like a number of people at the meeting have such mechanisms ready to publish. Some of my colleagues and I also have one.

No coercive decision makers.

Importantly, these mechanisms cannot be coercive. Coercive decisions from dictators, foundations or voting institutions will eventually interfere with POW and
risk damaging the properties that make BCH unique and valuable, especially permissionless participation and censorship resistance.

Looking forward to these historical moves in the near future.

292
$ 121.96
$ 100.00 from @MarcDeMesel
$ 13.37 from @molecular
$ 1.66 from @TheRandomRewarder
+ 12
Sponsors of emergent_reasons
empty
empty
empty
Avatar for emergent_reasons
Written by   294
1 year ago
Enjoyed this article?  Earn Bitcoin Cash by sharing it! Explain
...and you will also help the author collect more tips.

Comments

what a wonderful impression article....well understood and organized. I learnt something from this....keep it up

$ 0.00
1 month ago

Good post

$ 0.00
1 year ago

This is an emerging currency so it is needed that it should be proprly handeld and rule and regulation are also

$ 0.00
1 year ago

sir can I translate in bangla.so I could understand this artical meaning.

$ 0.00
1 year ago

Good

$ 0.00
1 year ago

plz i am new subcrive my id plz bro

$ 0.00