Post
Topic
Board Bitcoin Discussion
Re: Bitcoin XT - Officially #REKT (also goes for BIP101 fraud)
by
johnyj
on 27/12/2015, 23:39:20 UTC

One of the famous false prophecy of Karl Marx is that the free market mechanism would be lead to the monopoly of few corporations (thanks to economy of scale) that would end up controling the world production.

In other world, he tought unconstrained competition would allow for large entities to capture the economy.


This is already realized in many countries, a few large enterprises controlled the production of almost everything in a country. And the best example is the fiat money creation, totally dominated by a few reserve banks, while from the beginning any kind of private currency is allowed to circulate

And the block size limit has nothing to do with free market, it is just a measure to prevent spam attacks, without this limit, a bank can jam the traffic on bitcoin network for months, so that no transaction can be done at all

It is very interesting that the longer you work with bitcoin, the more you understand that in such a decentralized system, true free market does not really work, it is in fact very socialized, since everyone's interest is tied to the strongest chain in the end. You can fork what ever chain you like but the value of that chain will be minimal (since it break the most important promise of bitcoin - limited total supply, any fork is inflation, bring in more money supply) thus make that move meaningless market wise