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Stephen DeLorme: How Does Bitcoin Consensus Work? Part 2 - Atlanta BitDevs - (EVNT007)
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Bitcoin is difficult to change. How do we reach consensus to change it?. Stephen DeLorme covers Part 2 of the Bitcoin Consensus Analysis Project, highlighting both technical and social layers of reaching consensus. Learn about the roles of various stakeholders in the Bitcoin ecosystem including economic nodes, investors, media influencers, miners, protocol developers, users, and application developers. Discover how stakeholder powers fluctuate throughout the upgrade process, potential risks of bounties leading to chain splits, and methods to gauge community sentiment.
Show Notes: https://atlbitlab.com/podcast/stephen-delorme-how-does-bitcoin-consensus-work-part-2
00:00 Introduction to Bitcoin Consensus and Bounties
00:51 Event Recording and Podcast Information
01:18 Sponsor Message: ATL BitLab
02:26 Introduction to Bitcoin Consensus Analysis Project
03:44 Recap of Part One: Soft Forks and Hard Forks
04:56 Activation Mechanisms and User Activated Soft Forks
07:05 State of Mind and Stakeholders in Bitcoin
13:52 Stakeholder Influence and Consensus Change
32:15 Investor Influence and Economic Nodes
34:02 Power Dynamics in Bitcoin Consensus
36:28 Self-Custody and Investor Power
37:53 ETFs and Economic Power
40:33 Consensus Change Process
42:10 Measuring Social Consensus
49:01 Alternative Consensus Clients
51:31 Chain Splits and Their Implications
57:55 Bounties and Miner Incentives
01:03:51 Final Thoughts and Conclusion
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