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A ledger is final only while its operators agree. · 2 of 4

Chapter 02

Reversibility is sometimes the lesser harm

Code is law until the people with enough power decide that another outcome is worth more.

Letting an attacker keep an unlimited mint can be worse than deleting recent history. A monetary asset with a broken supply is no longer the asset anyone bought. Recovery of stolen funds can be the outcome users would have voted for, had there been time to vote. None of this is automatically corrupt.

It is also not automatically legitimate. The difference between an emergency fork debated in public and a quiet rewrite by a handful of insiders is the difference between a constitution and a back room. Users should know which one they are in.