Re: Gold collapsing. Bitcoin UP.

Quote from: cypherdoc on July 24, 2015, 10:58:47 PM

Garzik starting to get it more and more

Nope, Garzik is losing his grip and confusing BTC's economic figure with its development ground.

Tx fees have always been destined to wean the network off, and ultimately replace, block subsidies. It's not a "new" policy.

Who appointed Garzik as Bitcoin's FOMC and granted him the power to regulate fee pressure?

Fee pressure is something to be celebrated as a milestone towards Bitcoin independence (and away from Ponzi territory), not feared and used to justify panic reactions just because fees rise from 1/8 to 1/4 of a pittance.

Garzik whines (and exaggerates) about slightly higher tx fees differing "radically" from "what users have experienced for the past ~6 years."

So what? Users have also experienced sub-$10k BTC in the past. If BTC rises to $10k, should we increase block emission to preserve UX?

The spectacle of a Bitcoin core dev wringing his hands over "disruption" and "new economic policy" is hard to endure. As PWuille stated so powerfully and succinctly:

Quote

Bitcoin Core is not running the Bitcoin
economy, and its developers have no authority to set its rules. Change in
economics is always happening, and should be expected. Worse, intervening
in consensus changes would make the ecosystem more dependent on the group
taking that decision, not less.

So to point out what I consider obvious: if Bitcoin requires central
control over its rules by a group of developers, it is completely
uninteresting to me. Consensus changes should be done using consensus, and
the default in case of controversy is no change.