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RE: The Myth that Proof of Work creates Irreversibility

in #blockchain8 years ago

Some people confuse the map with the location. That's what I thought of what I read your explanation. This may also impact thinking about hard limits such as the number of mineable coins or the number of decimal points of precision. Ultimately, if enough people want it, it'll happen (either with a hard fork, rebranding, or voted for and agreed upon code change, etc). To me, that's the beauty of crypto. A mechanism for determining consensus where each actor works in their own self interest which happens to align with the interests of the entire group, all without coercion.

I remember watching Bitcoin in March 2013 as consensus was reached around the world to prevent a true hard fork. It was amazing to see, and I've been hooked ever since.

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