https://www.isegoria.net/2018/02/its-rules-are-designed-with-one-eye-on-how-those-rules-might-be-exploited-down-the-line/ From the ancient Greek for equality in freedom of speech; an eclectic mix of thoughts, large and small Mon, 09 Nov 2026 14:48:14 +0000 hourly 1 http://wordpress.org/?v=3.6.1 https://www.isegoria.net/2018/02/its-rules-are-designed-with-one-eye-on-how-those-rules-might-be-exploited-down-the-line/comment-page-1/#comment-2609310 Candide III Thu, 01 Feb 2018 21:50:52 +0000 http://www.isegoria.net/?p=43042#comment-2609310 Yeah, I can see that bitcoin is demonically challenging for Steven Johnson to understand. He gets most things wrong. Especially I like how everybody latches onto the block mining premium, which was explicitly designed as a transitional device encouraging adoption and is being phased out (mining premium is 1/4 of what it used to be a few years ago). Bitcoin at this point is very much like a conventional public corporation – the biggest miners/mining pools and core developers are the board of directors, those with commit powers are executive officers, and owners of bitcoin are retail shareholders. If the board does something that seriously spooks retail shareholders, they’ll scramble for the exit and the directors will be left with a truckload of worthless ASICs and a github repo. This Moldbug post is essential reading: https://urbit.org/blog/dao/

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