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Topic
Board Speculation
Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion
by
brg444
on 19/10/2015, 06:02:05 UTC

I know you're quite enamored with bitcoin, I am too, but the real world (power companies, sellers/renters of real estate) tend to still be using that whole silly fiat thing. Haven't quite listed themselves on MPEx with the other titans of industry, as it were. The world isn't our own personal castle game... yet.

Miners incentives are the variable that counts. And it isn't gmaxwell in a cape that is keeping them in line and holding their arm back from slaughtering the golden goose. Why? Because satoshi designed the entire system so that their interests were sufficiently aligned with those that they service.

Yes, I agree he was very wise in retrospect to set the block size cap.

In fact I will suggest he did not even fully understand the importance and critical importance of this decision for the long term success of Bitcoin. Absent of a cap the incentives you refer to become completely skewed in favor of the miners at great cost for the security & decentralization of the network.

Don't get me wrong, we shall increase the block size eventually, "just not tonight, dear".

Ah, the old, "if satoshi had more foresight he would agree with me" argument.

As for what he actually said:

It can be phased in, like:

if (blocknumber > 115000)
    maxblocksize = largerlimit

It can start being in versions way ahead, so by the time it reaches that block number and goes into effect, the older versions that don't have it are already obsolete.

When we're near the cutoff block number, I can put an alert to old versions to make sure they know they have to upgrade.


) I am increasingly astonished that people who gravitated to bitcoin for its free market incentives and function, are simultaneously terrified that without central control over "consensus" it would fall on it's face.  

Which one is it then? Cap or no cap?

Do you oppose central control or do you not?

Personally, I think that sufficient incentives exist that the network of miners could be self governing wrt max_block_size.

Realistically, I'll take a half measure to help assuage the doubts of the fearful.

Alright. Let me jump in with my favorite analogy then.

Seeing as we love all things free market then let me ask: are you of the opinion that the network of logging companies & cattle farmers should be left to self-governance in regards to how much of the Amazon rain forest they can cut?