Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion
Restricted space => creates fee competition => dust will become non-economically viable to move around.
Restricted space => fee competition
More adoption+fee competition => expensive fees
Expensive fees => stalled adoption
Stalled adoption => declining interest
Declining interest => what are we even trying to do here?
This, however, is not a description of how bitcoin will fail but how bigger blocks are inevitable.
I suggest you go back and reread what Jorge wrote also. He describes well how the block size limit encourages attacks on Bitcoin
Also, it is not on developers to be setting up fee markets. It should be the realm of, well, the market.
Not all Bitcoin users are created equal. Not all individuals have the same financial pain threshold.
Expensive fees might deter direct adoption of Bitcoin by less financially priviledged persons but has absolutely no impact for the faction of individuals controlling the largest portion of monetary wealth worldwide.
Contrary to popular belief Bitcoin's immediate target market is NOT mainstream consumers.
no it impacts the financially privileged as well, they can no longer speculate bitcoin will be currency.
Nonsense. Bitcoin is not limited to its blockchain and the obvious end game for transactional uses are open payment networks like Lightning.
The wealthy are mostly concerned with shielding their capital from dirty regulators hands and oversight. Bitcoin offers unparalleled value in that regard.
Such a strange fantasy world you erect around yourself...
Titans of industry, meeting in back alleys or smoke filled basements to buy thousands of bitcoin... (surely they wouldn't send fiat wires to regulated exchanges that will have their identity and amounts on file, along with the addresses those coins were removed to.)
Good one.
Of course everyone knows BitFinex is where whales meet to exchange large lots of coins
edit: speaking of Popescu....
Quote
I don't think it's either practical nor feasible nor even desirable to use Bitcoin in the day to day dabble of pizzas, phone credits, hairspray and sneakers. People try to, because of the misguided belief that Bitcoin value is somehow related to or deriving from its crossection in the retail market. This happens to be completely untrue : you can't buy any pizza with SDRs, and yet that doesn't somehow make SDRs worthless. The belief itself may be a case of "everything appears a nail to the man holding a hammer", in the sense that people who have never interracted with any other aspect of economy besides the supermarket counter may genuinely imagine that's what economy is. Still, that makes no difference.