Quote from: jgarzik on February 22, 2013, 01:17:50 AM

Quote from: justusranvier on February 21, 2013, 11:55:27 PM

What changed in your understanding of marketing during the last three years?

https://bitcointalk.org/index.php?topic=1347.msg15145#msg15145

I'm glad you asked

Being the person who actually posted a faux-patch increasing the block size limit, it is important to understand why I disagree with that now... it was erroneously assuming that the block size was the whole-picture, and not a simple, lower layer solution in a bigger picture.

The block size is an intentionally limited economic resource, just like the 21,000,000-bitcoin limit.

Changing that vastly degrades the economics surrounding bitcoin, creating many negative incentives.

Would you mind briefly listing the negative incentives you perceive?

The negatives that bother me about not changing the block size limit are:
1) It will end the promise of a universal payment network (modulo micropayments).
2) It will end the promise of widespread disintermediated finance/personal financial sovereignty.
3) With (2) comes the possibility of a few intermediaries having "sovereignty" over a very large quantity of all bitcoins.
4) Also with (2) comes a weakening of the promise of censorship-resistance (it could very well work like in China, for example, where it's possible to evade censorship, but too much of a pain in the ass for most to bother).
5) It will end the promise of stability due to widespread direct use of "high-powered money" (i.e. it opens the possibility of a fluctuating fractionally backed money supply).

I'll take my mention of "sovereignty" here as an opportunity to drop an Omar Little quote cause I like it: "Man, money ain't got no owners, only spenders."