Quote from: inca on May 04, 2015, 08:42:22 AM

Jorge deliberately chooses to ignore the role of a bitcoin miner. That role is to distribute new coins and maintain network security. Moaning that miners get paid with the block reward and that this somehow makes bitcoin inefficient is stupid. It is a design choice...

This debate with Jorge reminds me of a piece I wrote in September:
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Of course miners selling coins affects the price. If there's insufficient demand to absorb the new coin supply, then the price will fall until demand picks up. This is bitcoin's distribution system doing what it's designed to do: distribute coins to those who value them.

Bitcoin is a strategizing women that will use your lust to accomplish her goals. It's your desire for wealth that precipitates the boom, and it's your hope and envy that fuels the accompanying media frenzy, propelling us another rung up the market-cap ladder. And she knows this. She also knows that in your despair you will sell your coins to those she hasn't dated yet, as though you're burning love notes from a women who broke your heart.

She has nobler goals than to enrich you. Although some of you will score and some of you will strike out, to her you were all only useful tools. We're building a new decentralized economy that, if successful, will reshape the world in unfathomable ways. She's the foundation of this new economy--sound money where each coin was forged by the greatest physical efforts of man to strangely produce a purely-digital asseta digital asset that can be transferred in less than a second across the world without the permission of an authority or the assistance of a third party. She is an evolution in money.

Indeed the price must grow for the experiment to succeed, but it's more important that the price be the right price to best distribute coins to those who want them. The issuance of new coins is what keeps downwards-pressure on the price, testing the faith of hodlers: "why are your coins so special if miners are finding new coins everyday?" It prevents the price from deviating too far from true demand, as ruthless miners will put to rest the ambitions of lustful. This is necessary. We're all just playing out our roles.

How will it end? I don't know. Tales of great ambition are fraught with great tragedy. Only time will tell if she'll seduce her way to the very top.