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Subject: Re: [Bitcoin-development] Coinbase reallocation to discourage
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Perhaps I missed it somewhere, but I don't recall it ever being a goal of Bitcoin to act as a stable long-term store of value.
- Jameson
On 04/30/2014 01:06 PM, Troy Benjegerdes wrote:
> On Wed, Apr 30, 2014 at 11:00:06PM +1000, Gareth Williams wrote:
>> On 30/04/14 00:13, Mike Hearn wrote:
>>> I do think we need to move beyond this idea of Bitcoin being some kind
>>> of elegant embodiment of natural mathematical law. It just ain't so.
>>
>> I haven't seen anybody arguing that it is.
>>
>> Bitcoin is the elegant embodiment of /artificially contrived/
>> mathematical rules, which just so happen to be very useful in their
>> current configuration :-P
>>
>> Nobody is saying those rules are immutable. Just that it isn't sensible
>> to undermine them by introducing imprecise and unpredictable elements
>> like human politics.
>
> As an end-user of Bitcoin, the whole possible value of a set of mathematical
> rules has become completely trashed by the imprecise and unpredictable behavior
> of buyers and sellers.
>
> If the rules are not responsive to real human needs, bitcoin is worthless
> as a long-term store of value because **my idea of value** changes over time.
> This implies, in my mind, an absolutely requirement to attempt to gather
> some useful signal from the human political noise.
>
> How do you determine what that signal is, so you can **change the rules**
> and the mathematics so it makes more sense?
>
> You've got to deal with politics, one way or another.
>
>
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