Author: Scott Roberts 2017-10-13 13:57:33
Published on: 2017-10-13T13:57:33+00:00
The email conversation on the Bitcoin-dev mailing list touches on a variety of topics related to Bitcoin. One such topic is mining infrastructure and its impact on price, hodlers, good developers, and difficulty algorithm. ZmnSCPxj argues that mining follows price, while Ilansky believes the opposite. However, biases away from ZmnSCPxj's ideal reveal the need for a more responsive difficulty algorithm. Mining should be used to determine the truth of the blockchain, rather than to ensure there is only one blockchain.The discussion then shifts to the potential for a fork clone that uses a faster difficulty to attack BTC's slow difficulty if it achieves a comparable price. This would lower BTC's value until it forks to fix the difficulty. The fewer back-incompatible changes to a coin, the better. Hardforks require massive coordination efforts that cannot be feasibly done within a month. The current price ratio indicates there is no need for a new difficulty algorithm. Slow response generally means less intelligence. Therefore, the goal is to have a better difficulty algorithm in place to be used in the next BTC "Core" fork.Another topic discussed is the deflationary quality of Bitcoin and the possibility of it becoming a constant value coin. The role of good developers is emphasized in determining the long-term value of Bitcoin. Additionally, the importance of miners, hodlers, and users is highlighted. The conversation delves into using a faster responding difficulty to prevent miners from bullying smaller coins. However, the risks of hardforks are also brought up as a concern.Finally, the debate centers on whether expanding the coin quantity is necessary to maintain a constant value and whether this would cause economic distortions. Overall, the email conversation provides valuable insights into the various factors that affect Bitcoin's ecosystem and its future trajectory.
Updated on: 2023-06-12T21:44:04.779023+00:00