[bitcoin-dev] The need for larger blocks

Venzen Khaosan venzen at mail.bihthai.net
Fri Jun 26 16:22:17 UTC 2015

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Apologies in advance for pulling you up on your statement, Tom, I've
noticed you're a regular and well respected poster in this list:

"free market" who?

Are you aware that the Bitcoin rally of 2013 was a result of
speculation by elements in Citi Bank, JPMorgan, and by many other Wall
Street trading desk managers who saw the opportunity of a
free-floating, unregulated commodity?

If the intention is to leave Bitcoin to the "free market" it already
is, and has been there for some time.

As for miners, those are finance capitalist interest too - if not
currently, in their majority, then eventually in China and the rest of
the world, so what does the term "free market" really mean? It must be
defined, because you are speaking to developers here, not visionary
economists or politicized brains, necessarily.

We cannot speak about "the market" without referencing concerns about
centralization, because any centralized business that plays the game
right seeks, by the rules, to corner the market. If they cannot do it
alone, they will seek allies.

"Free market" means as much under capitalism as "open democracy" under
Stalinism. Do you see my point? "Free Market" is a multivariate term
and Bitcoin does not (and should not have to) cater to all its
demands. That's like applying Microsoft standards to FOSS efforts -
becuase that's the "business use-case".

Bitcoin developers have to think about economy in an informed manner
and make provision with protection, else one can just make like Mike
Hearn and jump up and down shouting "faster-faster more-more".
Economics, markets and speculation is more complicated than that.


On 06/26/2015 10:38 PM, Tom Harding wrote:
> On 6/26/2015 7:09 AM, Pieter Wuille wrote:
>> Furthermore, systems that compete with Bitcoin in this space
>> already offer orders of magnitude more capacity than we can
>> reasonably achieve with any blockchain technology at this point.
> "Reasonably achievable" is a guideline that would keep bitcoin out
> of trouble caused by either too little, or too much, declared
> capacity. This matches Gavin's thinking, though you may differ on
> the numbers.
>> it seems silly to make a huge increase at once...
> Unless it is reasonably achievable.  Leave the rest to the free
> market.
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