Re: Bitcoin XT - Officially #REKT (also goes for BIP101 fraud)
Consumers and merchants are never going to be the economic majority in Bitcoin
Not by themselves, perhaps, but throw a few others into the mix and the picture starts to look a little different.
Larger (than 1MB) blocks will naturally provide benefit to:
- Anyone who wants to use Bitcoin as a payments network
VC investors
Miners
Merchants
Payment processors
Average users in general
Smaller blocks will naturally provide benefit to:
- Those who want to use Bitcoin as an asset class (i.e. not the average user)
Those wanting to run full nodes cheaply (i.e. not the average user)
Those who don't care if the average user is priced off the main chain (i.e. definitely not the average user)
Pretty sure that first group will agree on a proposal before too long. We'll see if you're right about them not being an economic majority.
The "picture" might look different because your fabricate it to fit your twisted view of how you believe it should work.
Here's how the decision process unfolds in reality.
Tier 1
Network peers (nodes)
Bitcoin holders
Tier 2
Miners
Tier 3
Exchanges
Tier 4
Everyone else (merchants, payment processors, consumers, redditards, Fidelity & other banking parasites)
TLDR; if you don't have the support of the network peers and the "bitcoin rich list" your fork goes the way of XT which goes the way of Stannis at Winterfell -> #REKT
Okay Mr. "everyone else is beneath me". Whatever you say.
Why is it that anyone who absorbs MP rhetoric also inherits his colossal egotism?
Also, if your plan is still to make it as cheap as possible for people to run nodes to support a chain they can't afford to transact on, it's still a stupid plan. No one is going to support a network that doesn't support them. Either it benefits everyone, or everyone goes elsewhere and you can hodl your defunct novelty toy when the miners go elsewhere with them.
It's not. You just severely lack imagination and understanding of economics. Bitcoin is the fuel for a whole ecosystem, it will not be limited to its blockchain.
If your plan is for everyone to transact on the Bitcoin blockchain then we might as well just scrap the whole thing and keep our fiat.