"It doesn't feel right" is not a technical objection. It has no relevance to the debate.
Discussion
Oh, we come at this from very different perspectives.
I don't feel that supporting the current protocol consensus needs any argumentation at all.
On the other hand, wanting to change the consensus requires incredibly good and solid arguments which cover all the angles.
#btc #bitcoin #convenants #CTV
That's exactly what I'm doing. I'm not stopping until it's activated. We need CTV to fix mining. We need to fix mining to save bitcoin. That's all there is to it.
But even the current mining pool issue. How big of an issue is it?
It's mostly for mid-range miners, not really the small one, nor the big ones. If a pool defrauded a miner even once (not dispensing the reward), wouldn't that miner simply dump that pool and change to a different one? There are already pools in many different jurisdictions.
Is that issue worth a consensus change?
It's the biggest problem facing bitcoin today. Mining centralization is a systemic risk. The thing about systemic risks is that everyone loves to ignore them right up until it blows up in their face.
How many people were concerned about banking centralization leading up to the 2008 mortgage crisis? Just a couple pipsqueaks on the internet and that weird quant from The Big Short. They were fucking right all along, just nobody gave a shit. And then all of a sudden everybody gave a shit when it blew up and the problem became impossible to ignore.
Mining pools today are like mortgage brokers in 2007. The time to act is now. If you disagree, that's fine. Bitcoin is permissionless. Feel free to fork yourself off the network. We are moving forward with or without you.
This is you right now. Don't be that dog.
Miner centralization (1) and not having to trust a mining pool to dispense the reward (2) are not the same thing.
With all due respect, it seems like I wouldn't be the one forking off the network.
Incorrect. They are one and the same.
If you oppose a soft fork and the majority does not actively reject soft forking blocks then you would be the one forking off of the network.
Fix mining through provisioning greater value for miners .. I guess Satoshi wanted miners to be greedy - not driven by ethics !