Re: [bitcoin-dev] The need for larger blocks

From: Venzen Khaosan <venzen@mail•bihthai.net>
To: NxtChg <nxtchg@hush•com>, bitcoin-dev@lists•linuxfoundation.org
Subject: Re: [bitcoin-dev] The need for larger blocks
Date: Sat, 27 Jun 2015 17:19:55 +0700	[thread overview]
Message-ID: <558E78CB.7070207@mail.bihthai.net> (raw)
In-Reply-To: <20150627095501.C59B541A40@smtp.hushmail.com>

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Advocations of "formalizing the process" may have a good outcome, but
that is not the issue in the current dilemma. The present process is
good enough. And that's as much as we can hope for.

The issue is: does Bitcoin need to scale to business or does business
need to scale to Bitcoin.

Business is not the Holy Spirit that fills Bitcoin with utility.
Bitcoin already has utility and finance capital would like to ride
that utility for its own profit motive. Some posters, here in this
list, would like to accelerate that process and they justify their
argument with the assumption that greater adoption equals greater
utility and value (and price).

That is a false assumption. Given the increased adoption of Bitcoin by
users and businesses during the past year, does the price chart
reflect greater value or price? Of course not, the price chart is at
terminal lows. Fact not fiction.

It is a fiction of common "market wisdom" that greater adoption
increases a commodity's value. Speculation plays with commodity value
even when underlying fundamental value remains unchanged. China has
verifiably been purchasing record amounts of Gold, but there is no
effect in the price chart (or on Gold's objective value).

Bitcoin's price chart will go up and down many times in the coming
years as speculators play their game. It's independent of the
underlying censorship resistance, mathematical consensus and
transaction security of Bitcoin. Once the decentralization is
sacrificed to big business then you can expect the final price chart low.

Until then, let's hold our horses and maintain an even keel: Bitcoin
is not trying to fit into the manic global economy's race toward the
edge of a precipice - Bitcoin is the solution once its all gone wrong
- - for ordinary users, not opportunistic bank-based business models
such as JPMorgan, Pantera Capital or BTC-China.

If you cannot see the inherent centralization problem with most
so-called Bitcoin businesses you just haven't done your homework.

On 06/27/2015 04:55 PM, NxtChg wrote:
> 
> On 6/27/2015 at 10:43 AM, "Wladimir J. van der Laan"
> <laanwj@gmail•com> wrote:
> 
>> It has been disappointing and scary to see political pressure
>> tactics being used to change a distributed consensus system.
> 
> That's why some people are advocating formalizing the process.
> Political pressure will happen anyway, whether somebody likes it or
> not. It's better to deal with it in the open.
> 
> 
>> They cannot be changed willy-nilly according to needs of some
>> groups, much less than lower gravity can be legislated to help
>> the airline industry.
> 
> Except the block size is not gravity. It's more like an arbitrary
> decision to limit planes' wingspan to the most typical hangar door
> of 1940.
> 
> And now we have a "controversy" that we can't have modern planes
> out of the fear they won't fit into some of the old hangars.
> 
> And to continue with this nice example, some people are even
> arguing that "the demand for flight is, essentially, limitless, so
> why bother making larger jets at all?"
> 
> 
> _______________________________________________ bitcoin-dev mailing
> list bitcoin-dev@lists•linuxfoundation.org 
> https://lists.linuxfoundation.org/mailman/listinfo/bitcoin-dev
> 
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