Bitcoin Control – Who’s Driving the Bitcoin Bus?
Many groups and individuals have expressed their Bitcoin concerns related how Bitcoin could be used in corrupt practices rather than as a legitimate tool for everyday use. There are those out there who might see the anonymity of Bitcoin as a big plus and even strive to make it more anonymous. They might not be too happy if changes were made to make it less mysterious or turned into a more centralized system. So who is driving the bus and has to power over the development of updates? Also does this group or person have power, possibly big money, to put blocks in place on something that might make things more transparent?
Different Networks & Who Gobbles Up Who?
Imagine there’s a big debate, related to an upgrade, which has pros and cons which creates a split, a fork, which when implemented sends users in different directions. User group 1 could follow the Traditional Bitcoin Path (TBP) whilst user group 2 could side up the Bitcoin New Path (BNP). Now we have created 2 Bitcoins, each with different networks, and if new group wants to gobble up the original group who can stop it? Bitcoin discussions continue to focus on people, who run full nodes, but refuse to upgrade which can in turn stop an upgrade. The effect of this could mean complete failure the BNP.
Nodes which supply significant benefits are the ones that really matter which takeaway the importance of upgrades. But Coinbase, BitStmp and Blockchain info upgrades are the ones that do matter as these nodes provide most of Bitcoin’s network which means if BNP don’t upgrade it limits their usefulness. At the end of the day though nodes are in it for the money so they will follow the cash.
Impact of Miners on Strike?
The Miners also come into the mix and what would happen if they went on strike? Would that shut down the NBP? Well not really. Miners, like the Nodes, are driven by cash. Show them the money and they step up to the plate!
At the end of the day it is totally down to money and the value of the 2 coins. If NBP out performs TBP then it’s a no brainer for the Miners who will mine it and all the other services will support it.
The Bitcoin Miners and service providers are not in positions where they can make choices which determine which direction they travel. They simply don’t have money to take risks unlike investors. So it’s the investors who are ‘Driving the Bitcoin Bus’.