Author: Vali Zero 2015-07-29 13:27:06
Published on: 2015-07-29T13:27:06+00:00
Valentin, a local Bitcoin trader and computer engineer, is in favor of allowing a fee market to form in the Bitcoin network. He disagrees with the argument that higher fees would scare Bitcoin users away, preferring other payment methods. Valentin argues that if some users leave, demand for bitcoin transactions goes down, and so do the fees. The fee market would find an equilibrium between the demand for bitcoin transactions and the available supply, given by the block size. He believes that in the absence of a functioning fee market, spammers, gamblers, and people transacting very low amounts would likely be the first to leave. Those who actually need Bitcoin would remain. Valentin strongly expresses his opinion that he will refuse to run Bitcoin code that increases the block size and will do his best to tell everyone not to upgrade towards running such code. If Bitcoin succumbs to the free stuff army, he will sell all his coins and leave. Valentin acknowledges that he may have exaggerated but emphasizes that nothing is for free, and he has a reasonable understanding of free markets. He currently runs only one full node.
Updated on: 2023-06-10T04:12:35.698900+00:00