Author: Owen Gunden 2015-06-26 20:44:07
Published on: 2015-06-26T20:44:07+00:00
In a discussion about the effects of a hard fork increase on the bitcoin market, Jeff Garzik suggests that failure to plan for such an event could lead to unpredictable behavior. The market has become accustomed to low fees over a number of years and inaction could result in sudden changes over a few months. However, it is uncertain which market participants are most affected by this issue, as some invest in bitcoin for its anti-censorship, privacy, control, store of value, and security features while others may have invested based on hype around zero fee transactions and scalability. It is not wise to assume what the market knows or does not know, as investors and traders may have already priced in the scaling problem. Therefore, there is no need to favor entrepreneurs who require a more centralized bitcoin over those who were more considerate of the possibility of rising transaction fees when making their business models. The emergency mindset should not be part of the debate and the particular reasoning used in the discussion is unsound.
Updated on: 2023-06-10T01:06:39.570705+00:00