310 sats \ 9 replies \ @SimpleStacker 17h \ on: There is no perfect set of incentives bitcoin
For the record, I'm not entirely convinced the Minny Fed paper is meant to be an attack on bitcoin. It actually demonstrates one of Bitcoiners' main tenets, which is that Bitcoin's presence can restrain the government's ability to run perpetual deficits.
But I agree with you that we shouldn't be complacent about bitcoin's incentive structures. Even now, battles are being fought over what types of data should be included in the blockspace, and what can/should be done about it...
On the other hand, we shouldn't be quick to assume that we understand everything that a particular aspect of bitcoin is doing for the whole system.
Popular election of senators was a change that many would like a do-over on, now that we have an unchecked federal government trampling all over the states.
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Agreed on the first point
Gotta think about the second
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Great point. It's possible to mess a system up by changing it, but it's certain to mess a system up if you never change it.
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It's the G.K. Chesterton point: Don't tear down a fence, unless you fully understand why it was put up.
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Chesterton fences! Nobody ever talks about them anymore.
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in my crowds they come up all the time
(I suppose that means I -- and my friends -- are weirdos)
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Or people I'd like to get to know.
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Wise words from a wise man
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I caught that in your write-ups (which was excellent, by the way). General feeling in the air though has been one of: the state is sharpening its knives.
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