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Author Topic: Everything that was centralized in Bitcoin happened to fail big time.  (Read 3338 times)
hugolp
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September 01, 2011, 12:04:56 PM
 #41

So to avoid this problem, I think libertarians should simply use the word in the more general sense.

Which is the one I used.

The point being is that he was incorrect in his believe that there has been deregulation in the USA.
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There are several different types of Bitcoin clients. The most secure are full nodes like Bitcoin Core, which will follow the rules of the network no matter what miners do. Even if every miner decided to create 1000 bitcoins per block, full nodes would stick to the rules and reject those blocks.
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JeffK
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September 01, 2011, 12:06:14 PM
 #42

In a free market, they would not be allowed to do those things and the quality of the water and the air would be much better. Its only because the government has taken over the management of the environment that they get away with it.
You say that they "would not be allowed to do those things". Who would forbid them from doing so and how? In particular, if you think that the market would stop them, can you point to the process by which it would do so and justify why all the people involved in the market would act in that way?

The free market, and by magic
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September 01, 2011, 12:29:14 PM
 #43

So to avoid this problem, I think libertarians should simply use the word in the more general sense.

Which is the one I used.
No, not the general sense I'm referring to.

Illustrative examples:
  • the heart regulates blood flow
  • the Bitcoin network is self-regulating
  • the cognitive radio regulates its own transmission frequency and intensity
  • the polycentric legal order regulates social interactions

See, the non-government notion of "regulation" is useful for libertarians.
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