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  • Andy Gonzalez

Happy Independence-Day, Bitcoin

Two years ago, the Bitcoin we know and "HODL" today resisted an attempt of changing one of its fundamental tenets (that of block size) by a very well funded conglomerate of businesses both in and out of the cryptocurrency market. In short, the benefit to this conglomerate would've come in terms of more lucrative fees and a higher chance at minting Bitcoin due to the nature of how mining networks work where costs of bigger blocks per transaction can weed out all but those with very high capital. In the end, the majority in Bitcoin's network prevailed through the use of the UASF (user activated soft fork). The attached article is a great refresher on how it's meant to work. Some will say UASF had nothing to do with the capitulation of "big blockers", and that's because UASF wasn't actually executed but was coded into the Bitcoin protocol should it be required. And that's the way these game theory scenarios work, there's not always a real life scenario that allows for the testing of a scheme, perhaps because those on the potentially losing side would already know how it's to play out and thus avoid taking the risk to begin with.

A relevant picture of Bitcoin and forks!

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