Didn't @rogerkver spend the past year and a half complaining about high fees? This blows my fucking mind.

[BTC_Hydra]

https://twitter.com/BTCbenny/status/891484503356485632

WoW, the comments are spot on

[rogerver]

It blows my mind how many people don't understand that artificial price subsidies are a bad thing.
I'm not complaining about the cheap price, I'm complaining about the artificial subsidy.
Jihan and I both have our educational backgrounds in economics so this is plain as day to us.
https://twitter.com/rogerkver/status/891338448463736832
If you still don't understand, go pick up an economics book.

[Captain Corporate]

For a non-economics-education friend (I am asking for a friend cliche ) can you exmplain it like you are talking to a toddler? What is exactly artificial price subsidy? And why is that bad? I am asking because I really don't know what it means

[lethos3]

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[rogerver]

For a non-economics-education friend (I am asking for a friend cliche ) can you exmplain it like you are talking to a toddler? What is exactly artificial price subsidy? And why is that bad? I am asking because I really don't know what it means

I'm upset because their Economic central planing is significantly altering the way Bitcoin works.
They built Segwit with a 75% fee discount compared to normal Bitcoin transactions.. That doesn't make Bitcoin transactions as a whole any cheaper, it just gives segwit transactions an unfair advantage over normal Bitcoin transactions for no reason other than that they decided to.

Segwit makes it so there are two areas to store data in the blockchain.
The traditional area, and the new segwit area.
If there is to be such a thing as segwit in Bitcoin, the free market should be what determines the price of space in that area of the blocks.
It should also determine how much block space is produced as well as it had always done up until the time the blocks became full.

Instead of letting market forces choose, the Segwit group have decreed that Segwit data must cost 75% less than conventional Bitcoin transaction data.

Some actual estimates for what people must pay for room in the traditional block space:


Segwit says that by decree data stored in the Segwit portion of the block must cost 75% less per byte than data stored in the original portion of the block. This is an arbitrary number, and virtually guaranteed to be wrong since it is different than what miners and tx makers would agree to on their own. It also significantly changes the economic code of Bitcoin since now tx creators must bid against each other for two different types of block space compared to the one we had previously.

We already knew that Bitcoin's economic code was working amazingly well due to it's amazing growth in the first 7.5 years of its history.
The same devs behind segwit decided to change that economic code by intentionally letting the blocks become full.

Here was the result:


The Core devs are busy engaging in all sorts of changes to the economic code of Bitcoin without understanding what they are doing.
My favorite economist summed up the situation very well.

“It is no crime to be ignorant of economics, which is, after all, a specialized discipline and one that most people consider to be a ‘dismal science.’ But it is totally irresponsible to have a loud and vociferous opinion on economic subjects while remaining in this state of ignorance.”
― Murray N. Rothbard

The devs behind Segwit and the full block policy are totally irresponsible

[Captain Corporate]

OH alright, that makes sense. Thank you for taking your time to answer my question man.

[brope]

Thanks for the data and the breakdown, but could you or someone else maybe explain the implications of Segwit's implementation in this sense? Let's say this gets put into effect...what can the end-user or the miner expect to change and how will the manipulation of the fees affect the bitcoin market/economy?

[rogerver]

OH alright, that makes sense. Thank you for taking your time to answer my question man.

Thanks for participating here.

Thanks for the data and the breakdown, but could you or someone else maybe explain the implications of Segwit's implementation in this sense? Let's say this gets put into effect...what can the end-user or the miner expect to change and how will the manipulation of the fees affect the bitcoin market/economy?

I think this video answers your questions:
https://www.youtube.com/watch?v=VoFb3mcxluY

[brope]

Thanks a lot Roger, will watch this as soon as I can. Always eager to learn more.

[GreyWyvern]

Seems to me that the people paying BTc_Hydra/SpaceMonkey/LiteCoinGuy to post here are getting scared.