In this episode of Coin Stories, Natalie Brunell interviews Lyn Alden about a consensus paper she co-authored that analyzes Bitcoin's stakeholders, consensus mechanisms, and upgrade risks. Alden defines Bitcoin consensus and identifies six key stakeholder groups, explaining their varying powers and incentives. The discussion covers hard forks versus soft forks, the concept of "state of mind" in maintaining consensus, and potential risks like coin splits and network fragmentation. They explore how institutions like BlackRock and ETF sponsors might influence Bitcoin's future, and the potential for contentious forks. The conversation shifts to macroeconomics, with Alden sharing her bullish outlook for Bitcoin in 2025, while also addressing concerns about privacy and the anti-privacy push from governments.
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