Bitcoin Tech #5 - Bitcoin Consensus with Shinobi - WBD357

Mr Obnoxious

Peter McCormack

Technology, News, Politics, Money, Investing, Finance, Bitcoin

4.8 • 2.7K Ratings

🗓️ 7 June 2021

⏱️ 95 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

Location: Miami
Date: Tuesday 25th May
Project: Block Digest
Role: Host

Bitcoin is an entirely decentralised network, and as such, by definition, it has no authoritative organisation to dictate or coordinate rule changes. Instead, any improvements or changes must be community-driven.

Changes to Bitcoin are rare, and when the developers propose protocol changes, they go through a strenuous review and test process. As such, changes are rare and slow to happen. While some see this as a negative, it is one of the strengths of Bitcoin.

A monetary network that is worth nearly $1tn should not be fast or easy to change. Many even think that eventually, the base-layer of Bitcoin may reach a point where it must no longer implement any changes, and further improvements would occur on higher layers.

In this interview, I talk to Shinobi, the host of Block Digest. We discuss making changes to the Bitcoin protocol, hard vs soft forks, ossification, and the upcoming Taproot soft fork means for Bitcoin.

Transcript

Click on a timestamp to play from that location

0:00.0	I cannot stress this enough when you're trying to gauge consensus for an upgrade proposal
0:07.1	it is not a democracy absolutely not it is not voting it is not Democracy. Absolutely not.
0:13.2	It is not voting.
0:14.4	It is not majority wins.
0:16.5	That is not how things are done.
0:18.8	Hello there from Miami.
0:20.1	The conference is over.
0:21.6	I'm losing my voice. But it's been an incredible week.
0:24.5	What an event. Big shout out to David Bailey and the team at Bitcoin magazine for just putting on such an
0:29.8	incredible event. Not only did we have an unreal set of speakers from Jack Dorsey to
0:35.0	hear from Ross Albrook, my boy Jack Mallers announced that El Salvador is
0:39.0	adding Bitcoin to their reserves and making it legal. Tender.
0:43.0	What a time to be alive.
0:45.0	Congratulations to everyone who's been working on this for years.
0:48.0	The growth of Bitcoin really is incredible.
0:50.0	Anyway, how are you all?
0:52.0	Welcome to the What Bitcoin did podcast, which is brought to you by
0:54.4	Gemini. The only place I am using for buying Bitcoin. I'm your host Peter McCormack, and today I have
0:59.7	my monthly interview with Shanoi, and this time we are looking at consensus but
1:04.2	before that I do have a message from my show sponsors and today we are kicking off
1:08.5	with my brand new sponsor Revolute coming to the podcast now as many many of you know Royes at T.S.B.
1:15.4	My bank for the last 25 years closed down all my accounts recently. They don't
	...

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