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Free means there aren't external factors interfering with market dynamics. While this drama affects transaction times and scalability, it doesn't fundamentally
by tyre 11y ago
Free means there aren't external factors interfering with market dynamics.
While this drama affects transaction times and scalability, it doesn't fundamentally change the supply/demand curve. Transactions offering the highest fee get processed first and rising demand (of transactions) with stable supply (of processors) raises prices like it should.
A non-free market would be something like if Core developers' transactions got moved to the front of the line regardless of transaction fee.
- jrochkind1 11y agoWhere do you draw the line as to which factors are 'external' to a market?
- npunt 11y agoYeah exactly. People could be 'external factors', once you challenge the assumption that Bitcoin is decentralized enough to be free of their influence.
- danharaj 11y agoDefining a market is itself an external influence. There is no object that is intrinsically a market: all markets are made to exist by human action. Sure, it would be nice that those external factors that define a market don't change too much too quickly, and that those factors are clearly and openly accounted for, but all markets are unfree if this is your definition. It is an ideal that cannot be realized because it is incoherent. I think your example of a non-free market would better be called unfair. Of course, everyone has a different definition of fairness, but it's a useful term for discussion to coalesce around.