No short post today, no time, and tomorrow I’m going to have to skip the Daily Bits – I’ll be getting the weekly newsletter for CoinDesk out, talking to people for our upcoming Consensus conference, and giving a blockchain seminar in the evening.
Lots to think about, though…
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This is interesting: CoinDesk spoke to several legal experts on the potential ramifications of a fork in the bitcoin protocol. The consensus (no pun intended) was “big mess”. As editor Pete Rizzo points out:
“On one side, miners have put forth the idea they could sue developers for changes to bitcoin’s consensus algorithm, should it result in their inability to operate profitably. On the other hand, developers have implied miners could face repercussions should they act aggressively, or maliciously, to disrupt one of the two resulting blockchains.”
But, as the lawyers consulted point out, just who would the miners sue? There’s no contract. And, just who would sue the miners? If the blockchain belongs to nobody, who’s to say it’s been hurt? Jurisdictions are confusing, Identities are unclear. And the legal mess would take years to unravel.
By then, a replacement will have appeared, hopefully with a better governance model. Not sure what that would look like, though.
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I confess that I do not understand why the bitcoin price is proving so robust, with such a potential “big mess” just around the corner.
Charles Bovaird of CoinDesk shed some light. He spoke to market analysts who point fingers at traders looking for speculative profit. Short sellers covering their position were also mentioned.
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Staying on the topic,
If Satoshi Nakamoto wanted there to be real transaction fees, he'd have scheduled mining rewards to eventually go to zero. Oh wait
— Bram Cohen (@bramcohen) March 22, 2017
If Satoshi wanted transaction fees to bear the full cost of processing a transaction, he would have made block rewards 0 today. Oh. https://t.co/O2kdEBn30P
— Emin Gün Sirer (@el33th4xor) March 22, 2017
It’s interesting that we’re still holding bitcoin to the standard we think Satoshi wanted, when
1) we don’t know what he wanted, and
2) he’s not involved anymore (as far as we know).
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Me irl: I hope nobody realises I'm a hopelessly ignorant fraud
Me reading replies to trending tweets: I might be the smartest living human
— Richard Westenra (@RichardWestenra) March 23, 2017
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Ever since I heard about this writing app, I’ve pretended that I have it installed. I say pretended, because the real thing would probably give me a heart attack.
Let me explain: the tool is designed to help people overcome writer’s block, by threatening to kill their creation. If you stop typing to, you know, think, it starts erasing what you have written.
I know that you’re not supposed to edit while writing, but I feel ill when I write something I know is terrible (not knowing it’s terrible is not so bad, although my editor might disagree). So, I spend an inordinate amount of time staring at the screen, brow furrowed.
If I pretend that my work is about to be deleted, the pressure does help me to come up with something that I can later change. And we all know that editing is easier than writing (although again, my editor might disagree).
Thanks to Ina Fried of the Axios Login newsletter for reminding me where to find it!