Today marks #Bitcoin’s 5th Independence Day 🧡🕊️
I wasn't around in 2017, so I did some research to understand why Bitcoiners celebrate decentralization and community each year on August 1...
🧵
I wasn't around in 2017, so I did some research to understand why Bitcoiners celebrate decentralization and community each year on August 1...
🧵
On August 1, 2017, Bitcoin developers and node operators successfully deployed the User Activated Soft Fork (#USAF) despite opposition from industrial miners / startups — a pivotal moment demonstrating the network’s decentralization + “independence” from centralized control.🔥
This victory ended the Blocksize Wars, a tumultuous period (2015-2017) defined by controversy over.....(you guessed it) the size of blocks on the Bitcoin blockchain. ⚒️
Essentially, one side (“small blockers”) argued that Bitcoin's blocksize should remain small in order to allow individual users to easily run their own nodes (resulting in a more decentralized network).
The other side (“big blockers”) wanted to increase the blocksize in order to decrease transaction fees and scale the network as a payment system.
(this was pre-lightning network⚡️⚡️)
(this was pre-lightning network⚡️⚡️)
Samson Mow (@Excellion), an outspoken advocate for USAF, was the first to suggest celebrating #Bitcoin's "Independence Day" on August 1.
https://twitter.com/Excellion/status/869106641290973184
“It was a grassroots victory which showed that developers had no control, large companies had no control, and the miners had no control." ✨✨
— @adam3us
— @adam3us
• • •
Missing some Tweet in this thread? You can try to
force a refresh
