The future of Bitcoin will be determined by community consensus

Three years of capacity expansion disputes have exhausted Bitcoin and left it in a state of despair! The New York Consensus is a compromise proposed by the community tired of endless debates. It satisfies the interests of all parties in the community who support isolated verification and support large blocks. This is also the first time that the community has reached a broad consensus on the issue of capacity expansion. Bitcoin capacity expansion is no longer decided by developers and miners alone. The opinions of the community play a key role in the New York Consensus.

The dispute over Bitcoin expansion is ostensibly a debate between developers and miners, but in reality it is a debate between their respective interest groups. The core development team hopes to deprive miners of their rights in order to achieve the goal of controlling Bitcoin; miners are unwilling to give up their rights for their own interests and firmly defend the decentralized nature of Bitcoin.

In the past seven or eight years, the maintenance and development of Bitcoin Core has been in the charge of the core development team. The development of Bitcoin to this day is largely due to the core development team. They were a group of selfless programmers with dreams in their hearts. They are not vested interests, but a group of people worthy of respect. Just like the saying in China, "We owe Stephen Chow a movie ticket", in fact, we also owe Bitcoin developers a "thank you for your hard work!"

As vested interests, miners have gained huge profits through mining in the past few years. In the early stages of Bitcoin, they have been cooperating with developers and conscientiously implementing the solutions provided by developers. As protectors and guardians of the development of Bitcoin, miners have also been working diligently, following Satoshi Nakamoto's ideas, and actively contributing to the community.

However, since Bitcoin developers established the core development team with the funding of BS, Bitcoin expansion has become more than a simple Bitcoin system software upgrade. Bitcoin expansion has been mixed with more interests. After Gavin and other expansionists were kicked out of the core development team, the core development team completely changed its nature and became the spokesperson for the interests of BS, openly opposing the community, acting on its own, and not considering the overall situation, hindering the expansion of Bitcoin.

Miners control the computing power, and the upgrade of the Bitcoin software system needs to be decided by the vote of miners. However, miners are faced with immature software that has not been tested by the community and cannot vote. It is incorrect for the community to attribute the responsibility for the Bitcoin expansion dilemma to miners. However, miners did not insist on the three steps of Bitcoin expansion : software maturity, community deployment, and computing power voting . However, as protectors and defenders of Bitcoin, miners are willing to consider the overall situation and negotiate with the community to solve the Bitcoin expansion dilemma. At present, miners and the community are working together to promote the implementation of the New York Consensus.

The signing of the New York Consensus means the return of the Hong Kong Consensus. The China Bitcoin Roundtable once again reiterated its support for the New York Consensus, marking the final victory of the community consensus over the core development team. The New York Consensus is not led by miners or developers, but by the community, including exchanges, mining pools, miners, wallets, investors, etc. The successful implementation of the New York Consensus will provide a case for the community to learn from. The future of Bitcoin will be determined by community consensus, not by certain interest groups.