Thomas Hessler
Thomas Hessler
As predicted in May by Gavin Andresen[1], it's the 1st of March and blocks are full. Normal users can't transact in the system[2,3,4]. Bitcoin as ecash is dead, at least for right now.
Core no longer believe in the foundational principles of the bitcoin movement. Namely, peer to peer cash[5] free from centralized control of economic incentives.
What we have now is a team of developers misattributing skill in cryptographics to skill in economic policy. 'Fee markets are good' they say, 'we should make blocks smaller'[6] they say. 'Full doesn't mean full'[7]. It would appear they, and their supporters, do not understand the essential economic forces involved. If you must pay ever increasing fees to compete with other transactions, the fees will only reach equilibrium when there is nobody to compete with. Bitcoin was designed to be controlled by the f
Thomas Hessler
Thomas Hessler