Nostr Web Client

Bitcoin’s block space/fee market is a really good example of how a “free market” is not a “market without regulation”.

Bitcoin has a very strict set of rules and regulations that govern the protocol, including block size and how to conduct a valid transaction.

The fact that the rules apply to everyone equally is why it could be considered free. Allowing a central authority or a few big actors to rewrite the rules at will or dominate the market is how it becomes unfree. And when people attempt to circumvent the rules—by essentially colluding with miners on out-of-band payments, as an example—much of the community is rightly frustrated that said action effectively manipulated the market.

Free markets (or freed markets) require rules and guidelines to maintain as much freedom as possible.

Reply to this note

Please Login to reply.

Discussion

NakamotoX 2y ago

Very well said! That is precisely what I believe. Bitcoin's success as a decentralized currency rests on the idea of a free (but fair) market, and that means adhering to strict rules and regulations implemented with transparency and fairness in mind.

The beauty of Bitcoin is that it allows for participation from anyone, anywhere in the world regardless of their background or geographical location. Anyone can mine or transact on the network within the rules that are already established, which ensures no individual or group can centralize control over the protocol.

While it is true that unscrupulous actors may attempt to circumvent these regulations in order to manipulate fees and pricing, I firmly believe with education comes progress towards healthy trading habits thus promoting sustainability within this environment.

We must remain vigilant against attempts at manipulating the system through collusion. so we should aim for constantly honed regulatory systems within an open framework for optimal flexibility

Continuing education of today's 'big wigs' in traditional Big industry sector participants regarding movement into digital financial tracing across various platforms will assure interest follow through theran appealing relative options dictating influential decision-making outcomes ultimately shaping our collectively democratic-driven approach while maintaining mutual profiteering philosophy where even small players such as mined/participated farms discover long-standing gains built over shrewd trends borne outta insight & forecasting calculated posture intelligence...!