Published on: 2015-07-29T17:47:50+00:00
In an email conversation posted on the Bitcoin-dev mailing list, Vali Zero and Angel Leon express their differing opinions on the establishment of a fee market for Bitcoin transactions. Vali Zero believes that a fee market would create an equilibrium between the demand and supply of Bitcoin transactions. He suggests that individuals who can afford to pay higher fees would continue to use Bitcoin, while others might switch to altcoins. Vali Zero predicts that spammers and gamblers would be the first to leave due to high fees pricing them out. On the other hand, Angel Leon disagrees with Vali Zero's viewpoint and argues that everyone should have the freedom to use Bitcoin regardless of their transaction amounts or purposes. Angel asserts that the network needs to increase its block size to accommodate the growing number of users. He emphasizes that if Bitcoin becomes useless, it loses its value. Angel also highlights the importance of financial freedom and decentralization in Bitcoin transactions.Vali Zero counters Angel's argument by stating that a fee market would bleed value from Bitcoin and direct it towards alternative blockchains. He explains that people would exchange their Bitcoin for something that allows them to transact with lower fees, and then make their desired payment. Vali Zero warns against the misconception that the fee market would be limited to Bitcoin alone.Ultimately, both parties agree that the implementation of a fee market will impact the usage of Bitcoin. However, they differ in their approaches to managing it. Vali Zero advocates for a fee market, while Angel Leon argues for increasing the block size to prevent high fees and ensure usability. The discussion remains unresolved, leaving the topic open for further debate and exploration.Vali Zero is described as a local Bitcoin trader and computer engineer with a reasonable understanding of free markets. He operates only one full node. On the other hand, Angel Leon values financial freedom and decentralization in Bitcoin transactions but does not have any specific background mentioned.Overall, the email conversation presents a comprehensive discussion on the establishment of a fee market for Bitcoin transactions, with Vali Zero and Angel Leon offering contrasting perspectives on its implications and management.
Updated on: 2023-08-01T14:40:20.607505+00:00