Post
Topic
Board Bitcoin Discussion
Re: Bitcoin XT - Officially #REKT (also goes for BIP101 fraud)
by
coalitionfor8mb
on 09/10/2015, 14:21:59 UTC
Regarding the idea of Bitcoin driven by "the market", we need to understand one important aspect of the current setup. For as long as there are active players in the global arena with the ability to print banknotes at their own discretion (we might as well call them "the big block institutions"), the notion that "the market" will decide what is best for Bitcoin basically translates to the question: "Hey, bitcoiners, how much for your Core values?". "Not for sale" seems to be the answer.

The fact that we are seeing so much resistance to premature block size increase (which in turn comes with a risk of setting up a precedent and a trend for eventual centralization) is perfectly in line with the reason Bitcoin was created in the first place, namely to serve as a counter-balance to those same institutions that are now actively promoting the increase. If Bitcoin takes on that path it may at some point begin contradicting itself and lose the trust it has gained so far.

So, when entertaining the idea of the market-driven hypothesis, one mustn't easily discount the ideological weight of Bitcoin as a counter-measure to present day fiat and the value it derives from it. Changing the rules of the game must be the last resort option considered only when another similar system gains enough momentum and provides competitive characteristics servicing the same market. The path to The Future of Bitcoin is through people's Goodwill.