Published on: 2015-10-07T10:13:15+00:00
The email thread also discusses the potential implications of extension blocks on the Bitcoin price and market. It is suggested that in a fee market crunch, speculators would trade an extended block in one direction while hedging in the opposite direction in case it gets rejected. This could create a new chart pattern and contrarian price motion. The speculative public may initially trade in the same direction, but arbitrage and futures markets perspectives would go the opposite way.Additionally, it is predicted that as the community's illusion of non-interdependence fades, the Bitcoin price will tend towards parity with the US dollar, which is considered the most powerful fiat currency. The inverse correlation between Bitcoin and traditional currencies may strengthen as the majority world transitions from paper to digital currencies.However, there are concerns raised about the current deflationary environment and the behavior of buying coffee with XT bitcoins. It is argued that this is small-minded behavior and that Bitcoin should be seen as a store of value rather than a means of everyday transactions. In this context, Mike Hearn is criticized as an economic imbecile and it is suggested that he should be removed from the Bitcoin space.Overall, the discussion explores the possibility of soft-fork increases in the total number of Bitcoins through extension blocks or sidechains. It provides insights into the potential consequences for users, the Bitcoin market, and the future value of the cryptocurrency.
Updated on: 2023-08-01T16:33:41.954898+00:00