20 Jun '13, 3pm

"Open-source Governance in Bitcoin" by Ed Felten

Josh Kroll, Ian Davey, and I have a new paper, The Economics of Bitcoin Mining, or Bitcoin in the Presence of Adversaries , from the Workshop on Economics of Information Security . Our paper looks at the dynamics of Bitcoin, how resilient it would be in the face of attacks, and how Bitcoin is governed. Today I want to talk about governance in Bitcoin. I wrote previously about how Bitcoin relies on two forms of consensus: a social consensus about the rules that govern which transactions and log blocks are considered valid, and an informational consensus about the contents of the Bitcoin log (a list of all the transactions that have occurred). These two forms of consensus make possible a third consensus: that Bitcoins have value. I described in the previous post how the Bitcoin community has changed the rules, by consensus, to deal with technical mishaps. We argue in our pap...

Full article: https://freedom-to-tinker.com/blog/felten/open-source-gov...

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