Bitcoin UASF Showed Users Are In Control through ‘Market Forces,’ Says HashCash Inventor

UASF control puppet

More than a 12 months later after Bitcoin UASF, Blockstream CEO and inventor of Bitcoin’s proof-of-work know-how, Adam Back, recalled the occasion as ‘an emphatic’ victory’ for customers.

Who Was in Charge of UASF?

Remember UASF? The motion to get customers to run full-nodes and help SegWit? Yes, the one with the cool-looking hats.

Developer Peter Todd sporting a UASF hat

Today, a dialogue on Twitter between Lightning Resources editor Alex B. and Xotika founder, John Carvalho, targeted on the importance of the us (BIP 148) user-activated tender fork (UASF).

UASF was a plan to activate a Bitcoin tender fork on August 1, 2017, as a countermeasure to the looming New York Agreement (NYA or SW2X) signed by over 20 firms to extend the block dimension to 2mb after implementing SegWit.

The UASF, however, can be enforced by a majority of full nodes reasonably than counting on miners. In different phrases, the taking part nodes signaling BIP 148 should signify a so-called “economic majority” of customers, exchanges and companies of the Bitcoin ecosystem. It requires the coordination of builders, firms, and customers, which implies it may be fairly dangerous, in keeping with Bitcoin Core developer Greg Maxwell. 

Bitcoin pioneer Adam Back weighed in on the talk when Carvalho requested whether it is potential that UASF was “mostly one entity controlling the nodes?”

“UASF was clearly grassroots, with many hodler economic nodes, a good selection of ethos aligned business, bitcoin embassies & community groups,” replied Back. “Since then more people are taking seriously the need to run their own economic node to harden Bitcoin against centralised interests.”

‘An Emphatic Victory’

Indeed, Bitcoinist reported how the total node virtually doubled within the wake of UASF in addition to when the NYA group revealed their roadmap. 

This means that many full-node customers weren’t too comfortable being represented by a handful of firms making selections on their behalf.

“UASF was an emphatic victory of economic game-theory, showing users are in control via market forces,” added Back. “The array of companies & miners against looked superficially strong, but were swimming upstream in an unstoppable economic tide.”

As the variety of nodes supporting UASF soared, so too did different firms who have been in opposition to the NYA or who have been nonetheless on the fence.

In addition, Back says that “pragmatism” may have additionally performed in why UASF succeeded together with worries that the community would in any other case grow to be unstable for companies.

[…] pragmatism might also have performed a component to not enrage their prospects & the activist BTC investor shorting the long run to < 10%. Another issue was the approaching chain mayhem, with no replay safety & most firms being technically unable to function post-fork. The bluff was all or nothing, and have become nothing.

The Blockstream CEO added that this was a really helpful lesson for everybody together with the NYA firms whose determination to “take it as far as they did” gained’t be forgotten by “activist BTC investors.”

The activist BTC buyers are like Ents, they observe however don’t forget and have an extended, lengthy funding horizon. Overall a studying displaying anti-fragility in motion, extra defensive financial nodes.

Do you agree that UASF was a grassroots motion? Share your ideas within the feedback under!

Images and media courtesy of Shutterstock, Twitter (@adam3us)

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