"One bitcoin from a self-custody investor is basically infinitely more valuable in setting the price than thousands of bitcoin held elsewhere if they aren't able to sell that fork... that's one of the positive findings from our paper is that's actually a rather anti-fragile aspect of the network: that some of the most committed and smaller entities actually have kind of a disproportionate impact compared to some of those larger entities."

On this Bitcoin Talk episode of THE Bitcoin Podcast, Walker talks with Lyn Alden and Steve Lee about their new report "Analyzing Bitcoin Consensus: Risks in Protocol Upgrades." This paper analyzes the process and risks of how Bitcoin upgrades its consensus rules over time, from a technical and economic perspective. If you’ve ever had questions about how Bitcoin consensus actually works, gotten confused by terms like “economic nodes,” wondered about who the real stakeholders are when it comes to bitcoin upgrades, or been curious about the game theoretical implications of large institutions and governments getting into Bitcoin, this episode is going to answer all your questions and more.

READ THE REPORT: https://github.com/bitcoin-cap/bcap

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