Author: odinn 2015-07-30 09:44:23
Published on: 2015-07-30T09:44:23+00:00
The context is a discussion between members of the bitcoin-dev mailing list. The conversation begins with Raystonn asking Gregory about his position on Bitcoin's future as a high-value settlement network, and whether there should be an artificial limit to transaction rate. Gregory responds that Bitcoin has multiple and diverse purposes and will not have "a future" solely as a high-value settlement network. He also suggests that if there is a proposal for an artificial limit, it should be submitted in the formal way as a BIP draft.The conversation then moves to a discussion of transaction fees and their effect on global economic conditions. Raystonn raises concerns about artificially high Bitcoin transaction fees leading to users seeking out alternative lower-fee blockchains. Gregory responds by saying that this is the market at work and that liquidity moves to the location of least friction. He also suggests several interesting alternatives such as Mycelium, OpenBazaar, Bitsquare, and Electrum.The discussion then shifts to a disagreement between Owen and Mike Hearn about the potential for higher Bitcoin transaction fees. Owen argues that Bitcoin offers more than just payment technology and that its advantages justify higher fees. Mike Hearn disagrees and suggests that Bitcoin's design requirements for decentralization impose considerable costs. Gregory weighs in on the discussion by arguing that if Bitcoin's focus becomes exclusively "better" payments, it will fail in the market-place against competing systems which avoid Bitcoin currency adoption related obstacles.Finally, the context ends with links to Abis.io and Keybase.io/odinn, along with a PGP signature.
Updated on: 2023-06-10T04:15:11.114848+00:00