‘Terminator Plan’ Calls Bitcoin Governance into Question
At the start of July, rumors of a “Terminator Plan” shook the Bitcoin community to its core, creating talk of mutiny among Chinese bitcoin miners, forcing Bitcoin Core out of the picture. This dramatic addition to the long-running Bitcoin block size debate calls into question whether there is a better way to administer governance of a digital currency. As CoinDesk reported in December, the “second Scaling Bitcoin conference [in Hong Kong] was to highlight an ‘emerging consensus’ on the challenges facing the bitcoin network,” however the day’s panels “served mostly to highlight the....
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June 30 was an exciting day in the Bitcoin space as a post from 8btc.com called the “Terminator Plan” alleged that a majority of Chinese mining pools and facility operators are upset with the Core developing team. As the news spread like wildfire, a new slogan was created: “Corexit.” Will the Terminator Be Back? It seems a vast array of miners within the....
Innosilicon A2 Terminator Scrypt ASIC. On 4/20/14, Innosilicon announced sales of their A2 Terminator Scrypt ASIC on Bitcointalk and their website. Innosilicon is not a newcomer to the ASIC mining realm, by any means. They have previously completed the design and fabrication, through Global Foundries, of an A1 CoinCraft SHA-256 ASIC chip that was used in many cheap, ready-to-ship miners out of China in recent months. From their A1 chips revenue, Innosilicon was able to manufacture these A2 Terminator Scrypt ASIC chips without crowdfunding through preorders, as many competitors have.....
Late last week, a post on Chinese Bitcoin community website 8btc gained a lot of attention in certain English-language Bitcoin circles, particularly the subreddit /r/btc. The post stated that Chinese Bitcoin miners should band together and push for a hard-forking change to the Bitcoin protocol via a switch in software from Bitcoin Core to Bitcoin Classic. There has been some confusion in the days after the original “Terminator Plan” was posted on 8btc, as some in the Bitcoin community appear to believe this is a genuine plan agreed upon by Bitcoin miners in China. Bitcoin Magazine has....
Although scalability (the block size limit) has been the main topic of conversation in the Bitcoin community over the past year, this controversy has also brought up another important subject for the peer-to-peer digital cash system: governance. Bitcoin Core Contributor Peter Todd is no fan of Bitcoin XT, but he does like the fact that Mike Hearn’s alternative implementation of the Bitcoin protocol brought the topic of governance to a wider audience. So how does Bitcoin governance work? Blockchain Capital Managing Partner Brock Pierce was recently asked this question by Jason Calacanis on....
Rune Christensen, one of the founders of Maker, the decentralized autonomous organization behind the governance of stablecoin DAI, has spoken out against two competitors. He stated that UST, Terra’s dollar-pegged stablecoin, and MIM, another collateralized stablecoin, were “solid ponzis” and that the bear market would eventually lead their prices to zero.
Maker Co-Founder Calls Out Competitors
Rune Christensen, one of the co-founders of the organization behind the creation and development of DAI, a decentralized stablecoin, has called out two competitors.....