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A comment on Federal Reserve to increase interest rates by 50 basis points. Parent comment

Re:Federal Reserve to increase interest rates by 50 basis po... by UncleMeat on Wednesday December 14, 2022 @03:56PM (#33990421)
100% democratic? Satoshi didn't ask me when he chose the halving algorithm. Do you mean democratic in the sense that the miners get votes according to their hash rate and they could tell the core devs to get bent if enough of them got together?

That's not democracy.

"All landowners get a vote according to the amount of land they own. Work for scraps you peasant."

Unethical nonsense.

[ Parent | on HN ]
Re:Federal Reserve to increase interest rates by 50 basis po... by rglover on Wednesday December 14, 2022 @04:26PM (#33990838)
> Unethical nonsense.

You can propose changes to the network at any time via a BIP (Bitcoin Improvement Proposal) [1], so sorry, but you're just wrong. Bitcoin is the most ethical form of money that has ever existed.

> "All landowners get a vote according to the amount of land they own. Work for scraps you peasant."

This is an impressive contortion of reality, but nonetheless completely wrong. Your "voting" ability has nothing to do with participation in mining. Your vote is participation in the network, open ability to submit proposals, run a node to bolster the network, and if you wish, run a mining rig to validate blocks and earn Bitcoin. You can also earn Bitcoin from others directly providing products and services.

[1] https://github.com/bitcoin/bips

[ Parent | on HN ]
Re:Federal Reserve to increase interest rates by 50 basis po... by UncleMeat on Wednesday December 14, 2022 @10:36PM (#33994848)
But I have no vote in its adoption. "Anybody can propose a change" is not democracy. Not even remotely close. I am frankly horrified that somebody could conclude that this is a just system under which to operate money.
[ Parent | on HN ]
Re:Federal Reserve to increase interest rates by 50 basis po... by rglover on Wednesday December 14, 2022 @10:55PM (#33995012)
It’s better than democracy. Anyone can influence the direction of the network. The best ideas win (if you want to be pedantic call it a meritocracy). The status quo is a bunch of bankers, behind closed doors, determining your fate. I’m frankly horrified that you think that’s a just system.
[ Parent | on HN ]
Re:Federal Reserve to increase interest rates by 50 basis po... by UncleMeat on Thursday December 15, 2022 @01:35AM (#33996054)
You previously used the phrase "100% democratic halving algorithm." If you want to argue that the system is better than democratic control over our financial systems then that's a completely different discussion.

I don't agree that "the best ideas win." I certainly don't agree that the halving system is a "best idea." It massively and almost permanently privileges early adopters, creating a landed gentry of the modern world in a completely unjust. The ideas most valued by a particular set of people (either the core devs or the miners, depending on how you define BTC) are what wins. That's aristocracy.

[ Parent | on HN ]
Re:Federal Reserve to increase interest rates by 50 basis po... by rglover on Thursday December 15, 2022 @10:10AM (#34000668)
Well then I guess you're screwed.
[ Parent | on HN ]
Re:Federal Reserve to increase interest rates by 50 basis po... by UncleMeat on Thursday December 15, 2022 @03:52PM (#34005584)
"Screw those other people" is not my idea of a just system.

I'm glad you got rich as shit off BTC. That doesn't make you a good person.

[ Parent | on HN ]
Re:Federal Reserve to increase interest rates by 50 basis po... by rglover on Friday December 16, 2022 @03:27PM (#34019845)
It was a joke and I didn't "get rich as shit."

You would do well not to judge people so much; it's unbecoming and makes your entire point of view effortless to dismiss.

[ Parent | on HN ]