Author: Scott Roberts 2017-10-13 11:35:09
Published on: 2017-10-13T11:35:09+00:00
The discussion centers around the need for a new difficulty algorithm for Bitcoin. One participant argues that slow response times indicate less intelligence, and they want to implement a better algorithm in preparation for future security. Another participant argues that constant value is defined as being neither inflationary nor deflationary and that the trick is determining this without a third party index. The conversation then shifts to the BitFinex price ratio and how it affects transaction rates. A faster measurement of hashrate for difficulty enables the economic determination to be more efficient and correct. Devs are a governing authority under the influence of users, hodlers, and miners. Miners are like banks lobbying government for higher total fees. Hodlers are interested in both security and price increases. Users do not care about price as long as it is stable. The discussion concludes with the idea that hardforks are an invitation to disaster that requires massive coordination effort which cannot be feasibly done within a month. Fast market determination can be done using off-chain methods, and developers need to strive for an expansion of the coin quantity to keep value constant, which is the foundation of the five characteristics of an ideal currency.
Updated on: 2023-06-12T21:41:26.120612+00:00