TLDR is in the title really. Small chunks to read. Cool website design.
As for the second part, I’m of the opinion that there is a huge space for improvement with existing bitcoin protocol as is that can help scale us wel beyond where we’re at. On mobile but will try to remember to elaborate some other time at a proper keyboard.
Have you seen this one too?
https://delvingbitcoin.org/t/thoughts-on-scaling-and-consensus-changes-2023/32
To be honest, I don't feel qualified to speak into the current technical limitations of the existing protocol. But the economics of the blockspace seem pretty straightforward to me. Higher demand leads to higher fees. Even with second layers taking some transactions off the main chain, a hyperbitcoinized world has several orders of magnitude more demand, which increases base layer fee rate and pricing out low economic users from self custody. Anthony Towns has a great blog on this conversation as well.
Both pieces from Towns and nostr:npub1ta5sstxzpk7aykejp6cv8eul80m2rjfwvp3rgjw0xgjtp7s3ak5s0c96f7 are referenced in my piece. ✌️
https://trustisascalingsolution.com/
Have you read this?
Also, what percentage of the current “possible” do you think we’ve touched on with the protocol as is today?
I have not. I'll check it out 🤝 what's the TLDR?
Can you restate the second part, what you're asking?
Coming To Terms With The Economic Reality Of Scaling.
My latest piece with nostr:npub1t8a7uumfmam38kal4xaakzyjccht4y5jxfs4cmlj0p768pxtwu8skh56yu
https://bitcoinmagazine.com/technical/coming-to-terms-with-the-economic-reality-of-scaling
Irrespective of one's stance on the scalability of self-custody or the inevitability of custodianship, it is paramount to ardently oppose the phenomenon of ossification for as protracted a period as possible. The paramount lesson gleaned from the crucible of the blocksize war is that the expansion of Bitcoin necessitates enhancements at its foundational level. The advent of the Lightning Network, a transformative development, would have remained a pipe dream had it not been for the vital upgrade to Segregated Witness (SegWit). This underscores a crucial correlation: the efficacy of secondary layers is inextricably tied to the efficacy of the bedrock base layer protocol. Bitcoin's evolution must persist if we aspire to achieve the scalability of self-custody and the imposition of constraints upon custodians, with a steadfast commitment to free-market incentives and the fortitude to withstand state coercion through robust censorship resistance.
SLP510 ls On-Chain Analytics Legit? Cointime Economics with James Check ( nostr:npub1qh5sal68c8swet6ut0w5evjmj6vnw29x3k967h7atn45unzjyeyq6ceh9r )
https://fountain.fm/episode/DfqCSSMxXQ2f49KxkfZq
nostr:npub1r8l06leee9kjlam0slmky7h8j9zme9ca32erypgqtyu6t2gnhshs3jx5dk 🤙
The thoughtful mind understands that truth is found in carefully weighing many perspectives.
Coming To Terms With The Economic Reality Of Scaling.
My latest piece with nostr:npub1t8a7uumfmam38kal4xaakzyjccht4y5jxfs4cmlj0p768pxtwu8skh56yu
https://bitcoinmagazine.com/technical/coming-to-terms-with-the-economic-reality-of-scaling
Do Libertarian Conspiracy Theories Violate Austrian Economics?
Prices are a tool to transmit information. Price controls conceal information that free market prices would reveal. Prices under a price-control regime convey misinformation. They systematically falsify economic conditions to producers and consumers alike.
Distorted Incentives & Allocative Inefficiency are the byproduct of price controls.
When governments set price ceilings (maximum prices) on essential goods like food, it discourages producers from supplying these goods because they can't cover their production costs.
In the short term, this may lead to consumers paying lower prices, but it reduces the incentive for producers to invest in production or expand their operations.
Price controls create a situation where the quantity demanded exceeds the quantity supplied at the controlled price, leading to shortages. Consumers may scramble to buy the limited available supply, exacerbating the problem.
"There is no third system between a market economy and socialism. Mankind has to choose between those two systems" -Mises
My latest from the #Mises Institute
The ratchet effect’s inexorable advance poses a constant threat to individual liberty and economic prosperity. History teaches us that emergency measures, however well-intentioned, tend to metastasize into permanent restrictions on our freedom. As we weather the tempests of crises, we must remain vigilant in defense of our fundamental rights and the engines of economic growth.
https://mises.org/wire/beyond-crisis-ratchet-effect-and-erosion-liberty
The ratchet effect’s inexorable advance poses a constant threat to individual liberty and economic prosperity. History teaches us that emergency measures, however well-intentioned, tend to metastasize into permanent restrictions on our freedom. As we weather the tempests of crises, we must remain vigilant in defense of our fundamental rights and the engines of economic growth.
Fueling a Freer Future
Thanks for the kind words and for sharing it 🙏
Who said I'm not coming to ChiBitDevs?
I'm always down to go in on some beef ser 🤝
