> the developers of popular Bitcoin software have tremendous power over Bitcoin (e.g. they can trigger block chain forks).
If Bitcoin developers do something that miners don't like, they lose their base. Developers are as invested as miners are and don't want to risk a drop in the value of their bitcoins.
The balance is that developers are accountable to miners and users, unlike central banks that aren't accountable to us.
"If Bitcoin developers do something that miners don't like, they lose their base"
How is that any different from what happened with Chaum's startup (digicash)? Bad management resulted in a failed business.
"The balance is that developers are accountable to miners and users, unlike central banks that aren't accountable to us."
Central banks are accountable to their customers insofar as the management of a currency is concerned. If a currency is poorly managed, it will fail, which leaves the bank without any authority. Sure, the bankers might remain wealthy if they happened to hold assets other than the currency -- but the same is true of Bitcoin developers, who might simply sell their BTC on some exchange and thus protect themselves from a Bitcoin failure.
If Bitcoin developers do something that miners don't like, they lose their base. Developers are as invested as miners are and don't want to risk a drop in the value of their bitcoins.
The balance is that developers are accountable to miners and users, unlike central banks that aren't accountable to us.