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Joe Burnett discusses the challenges involved in changing Bitcoin’s consensus rules, using BIP-110 as a recent example.
He emphasizes the importance of understanding the game theory behind Bitcoin forks and highlights the distinction between soft forks and hard forks in the context of Bitcoin.
Burnett has previously examined whether a futures market would develop for coins on a minority chain if BIP-110 caused a chain split, as detailed in his analysis of BIP-110 Flag Day. He has also reviewed the persistent premium in amplified Bitcoin trading, attributing it to factors such as excess demand and monetization in another recent note. These past assessments provide further context to his views on consensus changes.