EVNT-007: Stephen DeLorme: How Does Bitcoin Consensus Work? Part 2 - Atlanta BitDevs

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