An X post by Anita Posch warning about the risks of governments and institutions buying up large amounts of bitcoin went viral this week— even if just because of the trollish community note that appeared underneath it. This is a big concern because these large bitcoin holders can influence decisions. Bitcoin To impose censorship, consensus rules must be followed.
When When it comes to the threat of censorship, centralization in mining is actually more immediate. But if it’s just miners censoring, it would only last for as long as a majority of miners is willing to keep doing it— at the expense of forfeiting transaction fees. If When the censorship ends, all transactions will start to confirm again.
If Economic nodes would also enforce new protocols rules, including censorship. However, this can be considered as a “soft fork”. In this scenario, miners can’t revert from the censorship without splitting the blockchain between “upgraded” (censoring) and non-upgraded nodes; that would constitute a hard fork. Buyers Sellers of both versions would determine the blockchain that is most valuable. This is why bitcoiners worry about government and large institutions collecting a substantial share of the bitcoin stock.
It’s a reasonable concern, and something to be aware of. At The argument is similar (and the same as my own) Take), it’s not obvious to me that governments or large institutions would be willing to risk it all by betting on a censorship fork of Bitcoin. But even more importantly, there isn’t much we can do to stop governments or other institutions from buying bitcoin anyways— nor should there be, as that would (ironically) itself represent a form of censorship.
The In this case, the best possible countermeasure was proposed already by Nikolaus: Don’t sell MicroStrategy your bitcoin.
This Article is an Take. Opinions expressed are entirely the authYou can also find out more about's and do not necessarily reflect those of BTC Inc or Bitcoin Magazine.
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