And just like that the Bitcoin system asserts it’s decentralization on all participants.
Bitcoin Magazine is confirming that F2POOL has decided for the moment to support the existing consensus rules and abandon it’s support to Hard Fork the protocol.
Speaking to Bitcoin Magazine, F2Pool operator Wang Chun confirmed this is indeed the case.
“The rumors are true,” Chun said. “Miners in China were scared by Luke Dashjr’s proof-of-work changing pull request.”
As we just discussed in “Why a Hard Fork should be fought” a minority party must assert it’s position to contest any rule change to the protocol via a Hard Fork by exploring all options. Because a Contentious Hard Fork is effectively a system reset against the interests of the minority, if successful it is centralizing.
Many will view this as obstructionist, and potentially harmful to Bitcoin’s ability to innovate. But in fact this is a momentous development which is showing that Bitcoin is becoming a truly decentralized protocol.