Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion
I remember you used to write somewhat coherently on raising the blocksize, if not everything else, what happened? Drank too deeply from Gregory's cup?
You are arguing for microtransactions when it's impossible to have microtransactions on a blockchain. Yes, 5 cent and 20 cent transactions are still cheap because even if you raised blocksize 10x higher, the transaction fee would still eventually become so high that only $10,000 transactions and more would be valid even with 8-10MB blocks. The only thing that would allow you to do microtransactions is a second tier system like Lightning Network or off-chain solutions like Circle and Coinbase debit cards. Anything directly on chain will always be expensive.
In short, you make no valid points because you are arguing for microtransactions directly on-chain when it's not possible.
Quote where I argued that microtransactions should be on-chain. Oh, I didn't, you just erected a straw man.
My argument is that the only people who should be setting pricing for block space are the producers of that space, the miners. You argue that production quotas determined by an infallible priesthood of blockstream devs are the only thing protecting Bitcoin from inevitable collapse.
Free market capitalism vs central planning by corrupt technocrats... My... how Bitcoiners have changed.
