Bitcoin Q&A: Rules versus Rulers

I am in favour of activating Segregated Witness (SegWit), but I am no more an authority than anyone else. Make up your own mind.

Here is why I think SegWit should be activated: it solves a number of different problems and is the best-tested solution that exists. I used to think that big blocks would be better; I’ve run Bitcoin Classic, XT, and Unlimited to evaluate the software and understand how they work. The problem with Unlimited is that it doesn’t change the rules — it sets the rulers, who will get to change the rules. That is a very dangerous thing to do in Bitcoin, and Unlimited is also an untested system of consensus. Bitcoin will be attacked eventually; maybe it’s better that it’s sooner rather than later. Hard-forking Bitcoin without very broad consensus will hurt investment in this space as a whole. But for those who use it as a currency, it still works whether the price is $20 or $200 or $2,000.

This is part of a talk which took place on March 20th 2017 at the Singapore Management University for the Singapore Bitcoin & Ethereum meetups:

Do miners control consensus? – The 5 Consensus Communities –
Scaling and the block size debate –
Anonymity and confidential transactions –

Andreas M. Antonopoulos is a technologist and serial entrepreneur who has become one of the most well-known and well-respected figures in bitcoin.

Follow on Twitter: @aantonop

He is the author of two books: “Mastering Bitcoin,” published by O’Reilly Media and considered the best technical guide to bitcoin; “The Internet of Money,” a book about why bitcoin matters.



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