[Showerthought] Bitcoin is a "User Activated Soft Fork" of the current financial system - A user driven change to the consensus rules that does not invalidate the old rules.
In 2012 (the good, old) Jeff Garzik replied to a question on whether it's possible to "force" a change (to SHA-512) on the network without having the hash power "to back it". He replied
There is no "force", there is choice. Each user chooses the software they run to validate the chain. If a majority of users choose to switch to SHA-512, that is what will happen, regardless of the number of miners who switch.
51% hashing power, or even 90%, means nothing if clients collectively refuse to accept and relay your blocks.
Bitcoin is the same. It doesn't matter how many institutions "support it", or "back it", or "adopt it". What matters is user choice - If users collectively stop accepting fiat for their work, that is what will happen, Bitcoin will prevail. (But it won't invalidate fiat, hence a soft fork.)
Just like $billions in mining power have to bow to a swarm of RasPi's enforcing SegWit, so all the central banks and governments of the world will have to bow to people using Bitcoin.
Submitted June 14, 2018 at 05:23PM by DesignerAccount https://ift.tt/2JG8LiE
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