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Author Topic: [2015-12-29] Garzik & Gavin Andresen: Bitcoin is Being Hot-Wired for Settement  (Read 199 times)
LiteCoinGuy
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December 29, 2015, 08:14:57 PM
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Jeff Garzik and Gavin Andresen: Bitcoin is Being Hot-Wired for Settlement

The proposed roadmap currently being discussed in the bitcoin community has some good points in that it does have a plan to accommodate more transactions, but it fails speak plainly to bitcoin users and acknowledge key downsides. The roadmap summary most relevant to bitcoin users is:

Bitcoin is shifting to a new economic policy, with possibly higher fees.

https://bitcoinmagazine.com/articles/bitcoin-economics-are-changing-1451315063

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December 29, 2015, 08:52:42 PM
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How long will it take until the first come out of their holes and start complaining because paying a coffee with Bitcoin is becoming too expensive. Cheesy
I think Trace Mayer is asking the right questions: Why do we hire Bitcoin?

There are two economically reasons why people hire Bitcoin:
1.Monetary soreignty
2.Censorship resistance

I recommend to watch this video if you haven't seen it already!
https://www.youtube.com/watch?v=uHXfEJD6DUk

Short but very important quote from the video:
Quote
For example, I was having dinner with Dr. Adam Back, Gavin Andresen and Greg Maxwell. I brought this point up, "Why do we hire Bitcoin?". And both Greg Maxwell and Adam Back said, "Monetary sovereignty". Gavin said, "Because when I make a payment, I feel good"



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December 29, 2015, 08:55:23 PM
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How long will it take until the first come out of their holes and start complaining because paying a coffee with Bitcoin is becoming too expensive. Cheesy
I think Trace Mayer is asking the right questions: Why do we hire Bitcoin?

I recommend to watch this video if you haven't seen it already!
https://www.youtube.com/watch?v=uHXfEJD6DUk



When the fee is greater than the payment for sig spam... you might start making hearing some complaints.  Wink Cheesy
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