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Issue #948:  Bitcoin governance and precedent with Taproot activation

Issue #948: Bitcoin governance and precedent with Taproot activation

Mar 12, 2021
Marty's Ƀent

Issue #948: Bitcoin governance and precedent with Taproot activation

Here's a great piece from our friends Ryan Gentry and Buck Perley in which they put forth how they believe Bitcoin governance works now and should work moving forward. If you're relatively new to Bitcoin and want to get a better understanding of who the stakeholders are in the network and how they keep each other in check, I highly recommend you give this a read. Understanding the uncoordinated dance between node operators, developers, and miners is an important step on the way to being comfortable with acquiring bitcoin as an asset you aim to hold for the long haul.

via Ryan Gentry and Buck Perley

If you are a long time bitcoiner who feels they understand this uncoordinated dance pretty well already, I still recommend you read Ryan and Buck's piece because they add some very coherent color on the LOT=true v. LOT=false debate that is currently raging as the stakeholders within Bitcoin attempt to come to agreement on a suitable activation method for Taproot. Precedents matter and a big one is potentially about to be set in the form of the way Taproot is (or isn't) activated.

I think Ryan and Buck's conclusion that LOT=false (if it is even pursued at this point, it seems like the Speedy Trial Activation idea is gaining support) is the better of the two options due to the fact that it doesn't set a precedent of developers somewhat forcing activation the way LOT=true does is the correct conclusion. However, it doesn't matter what I think. Check it out for yourself and come to your own conclusion.

Final thought...

Mid afternoon Friday beers are in order.

Enjoy your weekend, freaks.


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