Post
Topic
Board Economics
Re: The deflationary problem
by
JoelKatz
on 30/04/2013, 06:34:43 UTC
From my own perspectives, the block chain split was of zero consequence.  If it were not for the activity on this forum at the time, and my interaction with this forum, I (personally) wouldn't have even noticed.  The same would have been true for most users who either don't spend bitcoins on a daily basis or don't fret over the time to confirm.  Once users are competing for blockspace, a 24 hour long time to confirm will become more commonplace for much more mundane reasons.
I think the fact that someone had a transaction with six confirmation that was then undone was extremely significant.

Quote
And the price crash wasn't even the worst crash that I've seen since I've been here.  On a percentage basis, dropping from about $250 to about $50 over the course of a week or two isn't as bad as dropping from $32 to $2 in 2011 (2012?), although it happened much faster.
True, but it happened at a time when Bitcoin's rise was big news and there was a high rate of influx of new users. These are the conditions under which you would never expect such a drop. And it happened due to a failure at a choke point whose significant was not, I think, generally recognized.

But I agree with your point. You can see these events as Earth shattering or meaningless. The important thing is that bad things happened and Bitcoin barely noticed. So if you're worried about bad things happening, the evidence suggests that Bitcoin will survive.