BTC Private For Investors #6 – Bitcoin Private Governance

Tai Zen: Here’s a couple of things I see like, one is that we are all aware of the current problem with Bitcoin. And a lot of people think it’s a scaling issue.

But it’s a governance issue. And just so you guys are watching this at home, when we say governance issue, we’re not talking about a government. It can be but it doesn’t have to be.

You guys build governance, why don’t you explain it? You’re the expert on it.

Marco: So what you give the governance which I think some folks here in the room agree that is missing in Bitcoin right now is the ability to make hard decisions.

Tai Zen: And final decisions.

Marco: Yes, and also a final decision, and binding decision right? So what happened in Bitcoin that’s currently going on right now? So you have all these Bitcoin Forks that are happening.

And you may or may not like that. So Decred is of your opinion and that’s a bad thing. That’s why we actually built a governance system is to prevent those things from happening.

Also on the thing that we’ve actually learned through the process is that there’s a lot of very loud voices, but they don’t represent the larger community. So even though you have people yelling on Twitter and getting all emotional.

Rhett: Spent 2 years arguing over 1 megabyte versus 2 megabytes.

Marco: Right. Well, but I understand the debate though. If I’m a miner, I wanna make a bite, because I want more fees.

If I am a holder or a hablar, I gotta say it right, I want you to know the largest possible blocks so that I’m gonna be able to move my value around. So those are natural positions for people to stake.

So in order to resolve that, you need to have to sort of resolution mechanism. This is where governance pays off.

Because now you can write the code and put it up for a vote. And say, alright people, which one is it? And then, its votes tend to actually be no one nearly as controversial as Twitter makes it out to be.

Tai Zen: Yeah because in the blockchain space, like you said, there’s a bunch of people with big followings on Twitter, on YouTube or social media and they may not understand. Because right now, there are some people that argue that the people with the best engineering backgrounds or best engineering skills should be the ones who make the decision on what direction Bitcoin should go.

But then there’s also a group of people like myself, like Leon that believe that Bitcoin should go in the direction that best benefits the community, not on a handful of people that have the best engineering skills. Not just that alone but on where the majority of the community wants it to go.

Marco: Well you’ve gotta be even more careful there, so the only engineering skills. There is only a group of people that is allowed to commit into the Bitcoin repository as well. So if you want to make changes to Bitcoin, you really don’t have recourse unless you work at that blockstream.

Tai Zen: Because you will mention that the video you showed me from Vinay Gupta about the politics.

Leon: Yeah he said that you know the title… this is an old Bitcoin video, but I think it’s one of the best ones as Bitcoin cannot be divorced from existing political theory. I think a lot of us old-timers have seen that video and Vinay had, in my view, he predicted the current predicament years ago. He saw this.

Marco: So that’s actually why Decred exists. This is literally the reason why we started building Decred because it was coming to a head.

And when I asked some folks at worked on Bitcoin directly, “So what do you guys would do about the block size?”. And they were like, “Really nothing. We’re gonna let the market decide.”

Rhett: And what the market is deciding is, oh there’s gonna be all these forks to get the heck out of it.

Tai Zen: So from an engineering perspective or a software engineering perspective, what does “let the market decide” mean? That means we don’t know.

Marco: Well, it means we’re going to fork everything, right?

Rhett: That means we’re gonna get out of here.

Leon: So Rhett, I agree with you that Bitcoin has a forking from Bitcoin has a lot of advantages. But there’s a lot of disadvantages with Bitcoin.

And mainly I think around governance unless you want to step up as a benevolent dictator. Because that’s kind of how Etherium or I would even argue like Litecoin is you know, there’s a figurehead whether it’s Vitalik, it wouldn’t have been Satoshi Nakamoto with Bitcoin if he was still around, or Charlie Lee of Litecoin.

Without a governance model, since you are the Zclassic and Bitcoin Private, do you see that you’re gonna need to be that benevolent dictator to drive the development forward, at least in the short run?

Rhett: Well, I mean one thing that I really like about my position in Bitcoin Private and Zclassic is actually how little my importance is. What I mean is that I’m not like a CEO of a company. I can’t really tell anyone what to do.

Leon: No, you can’t order. But you have influence.

Tai Zen: You have influence over the community because you’re the founder.

Leon: You’re the founder, you have the influence, in the same way, Vitalik can’t tell people what to do right? But what he says and what his opinions carry a lot of weight.

And as the founder and the creator, I would argue that you are in the same position for Zclassic and Bitcoin Private. So I would say the community is going to look to you.

They’re going to give you their opinions. They’re going to give you what they think. They’re gonna give you suggestions like we are and other people in the community. But a lot of it is your voice is going to carry a lot of that weight as to which way the community goes. Do you agree?

Rhett: I agree, I mean right now I’m actually just really shocked at how fast this is grown. It was about 2 weeks ago. I was actually proposing on Twitter, asking people to poll what should the name be if we did this fork.

And since then, there’s just been a massive inflow of new people, the community on Telegram. I think it was about 600 people two weeks ago and it’s over 3,000 people today.

Tai Zen: Would that be safe to say the market wants this? So the market is telling you that they want this.

 

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