[Cryptography] Bitcoin blocksize limit can be removed

[Ryan Carboni]

>
> The bitcoin algorithm is designed to make blocks appear about every 10
> minutes regardless of the overall mining effort.  That's been true
> since Satoshi mined the first block and it surely does not come as a
> surprise to anyone at this point.
>
> I wouldn't disagree with the second sentence, other than to nitpick
> that it's arguably no worse than the gold standard was, but if you
> want a system where the amount of money created changes in response to
> economic conditions, you need a real central bank that issues real
> money, not bitcoins.
>
> R's,
> John
>
>
Gold production is based upon price signals for gold, which is why it has
increased, and continues to increase. The gold standard is not a relevant
example, because at no point was the gold standard capped at 21 million
units. The best price signal for bitcoin is hashing rate, and it should be
the hashing rate that decides the amount of Bitcoins produced, and the
block size should be decided by the free market, not by the Bitcoin
foundation. You ignore a ridiculous number of variables, making me think
you are a Keynesian.
-------------- next part --------------
An HTML attachment was scrubbed...
URL: <http://www.metzdowd.com/pipermail/cryptography/attachments/20151112/5aeeedb8/attachment.html>