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What is Bitcoin Governance

What is Bitcoin Governance

What is Bitcoin Governance? how do you guys Jimmy song here in this article I wanted to talk a little bit about what governance is and what were talking about because that is a common debate online and a lot of people want to talk about it but they dont really understand or they they have an idea but they dont really know what what it refers to and so on so I Ill try to make that clear in this article so first of all governance is is what it sounds like its a its its a government or some way to you know direct things and this is this has been a topic thats been in Bitcoin for the last five years or so what is the governance model for a Bitcoin and for the most part Bitcoin works on a governance model thats best described as a narco capitalistic you know everyone does their own thing theres no central government of any kind and they and people do what they want more or less and you know theres no person and that that goes hey we need this feature therefore lets go get people to work on it and lets dictate on from high that that this is whats going to happen thats not how Bitcoin governance works its more a narco capitalistic you know people do what they want and if they have the inclination then they will they will make it happen now if you are not a part if youre not you know other coins or other systems have a very different governance model and this is one of the big differences between Bitcoin and something else like say like coin or a ripple or something like that all of them have a governance process they have foundations they have you know creator and they get to dictate whats going on so Charlie Lee gets to dictate whats going on for like going to a large degree I mean he doesnt control it control it but he has a significant amount of influence largely because he created it and that is a very authoritative voice that you get to have if you are a if you are a creator of a point same thing with the Tyler Vitalik actually has a lot more say in in an in theory and he more or less decided okay we are going to bail out these people and and thats their governance model um my personal feeling is that if you have a centralized governance model that it is a weakness for the poll coin and not a strength if you have a governance model then people are gonna try to crack at that governance model theyre gonna try to do things to influence it in a way that benefits then this is what businesses do for government every single time um so you know for example if you are a drug manufacturer you are trying to youre going to try to get laws passed that subsidize your stuff this is what Medicare Part D was you know back back in 2006 that got passed is that drugs were more or less subsidized by Medicare right and if you are a corn farmer or a big big agricultural company then youre going to try to get corn subsidies and utilize those products or make make those products so cheap that people will buy your stuff you know that thats why you have high fructose corn syrup right those tend to tend to corrupt and they dont let the marketplace our as an anarchocapitalist ik model on pencil let everyone do whatever they want and let the market decide thats thats how the Bitcoin governance model works and I believe thats to be the best model because it helps a lot of people to continue to develop things that are vetted by the government not by the government but by the people and thats thats what the Bitcoin governance model is so when a lot of people say that the that bitcoins governance model is broken they just mean that theres no central party that gets the dictate where it what it is stuff like you know we want a product roadmap thats something that you can do in a sense like contacts but in a decentralized contact it doesnt make any sense right like you cant have a product roadmap I mean theres maybe somebody working on a particular feature but theres no guarantee that that gets in or or that people will want it or that the market will want it and so on because this is a voluntary system whereas with the product roadmap thats pretty much shoved down your throat if Facebook wants to change their product roadmap so that you know you know you you have to look at ads before you go on their platform or something like that thats something that they can do because they are they have a centralized governance system Bitcoin does not have that so theres no way to force anything but you know etherium on the other hand they can they can change the proof of stake screw over a bunch of miners or they can you know change the system to inflate more or less or whatever they want to do that is completely within the realm of possibility because they have a centralized governance system now thats not to say that centralized governance isnt all like bad or anything certainly you know etherium has benefited from a centralized marketing platform that they have and this is why I SEOs are popular and that this is what you know tezos and a lot of these other ICO platforms are trying to do is you know utilize the same model that aetherium did to get it to be popular but long term this is not sustainable this is those coins are not sound money because when you have centralized governance well for money that doesnt work very well for a certain products it works very well right like youre youre able to iterate and things like that but first theres sound money you need it to be immutable so um this is why Bitcoin has the governance that it does and it doesnt I dont think its a problem I think its a future not about hopefully that helps you and this song is

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