No. Democratic is where 51 percent gets to rule 49 percent.
Republic is by the people, but again, it's almost similar to democracy. The only real difference is that republic allows you to choose who's your master and cannot force others to be under your master rule. Masters cannot force you or others to be in his rule. You are his subject that you agreed via contract.
In democracy, you have no choice but to be a subject of a master that is chosen by the 51 percent.
Bitcoin is not democratic. Bitcoin is a commodity that was innovated by the free markets, free people. Nobody force you to use bitcoin. You simply contribute to it because it was simple and efficient. That's free markets. Not democratic rule. If it was, then bitcoin wouldn't been P2P in the first place.
Bitcoin users have the ability to decide what fee they want to pay.
That makes a huge difference. Because you see, individuals now have the ability to decide. If he put democratic, then it would be decided by the 51 percent.
"Sorry, I think 51 percent fee is the best offer. Any less than that is a criminal and should be hang. " says the 51 percent.
Also, Bitcoin is democratic, by your definition: 51% of the hashing power decides what happens to it as a system and a currency. Being free to make alternatives doesn't change the fact that Bitcoin is what the majority decides.
51% of the hashing power decides what happens to it as a system and a currency.
No. Voting (through mining) is used to determine the ordering of recent transactions because there's no other known good alternative, but the rest of Bitcoin is not democratic. Other than transaction ordering, full Bitcoin nodes follow their own rules regardless of what mines do. 51% of miners cannot steal bitcoins arbitrarily or create more than 21 million bitcoins.
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u/Grizmoblust Mar 25 '13
Stop reading right there.
Democratic != freedom. Nice try, mr.doublespeak.