The goal of the implemented Bitcoin design was to be used as a system of directly, cheaply and easily transferable money. Cash, to be specific. Not checks, not promissory notes and certainly not merely as the base metal to support any such systems. Bitcoins were and are supposed to be as digital gold coins. Not gold bars.
You say Satoshi might no longer agree? I don't care. He clearly did agree, when he created Bitcoin. If he has a better idea today, let him defend it publicly.
You say that Bitcoin changes? I say that you are a fool if you think sound money should fundamentally degrade in its ability to be money over time. That it should start out as practical barter payments with gold coins and end up with no ability to use these coins directly whatsoever. That it's somehow more practical that it silently stops functioning as intended, while in the short term retaining name and price as if nothing happened.
Bitcoin will always be Bitcoin, no matter what you think properly represents it in the realm of cryptocurrencies.
You say the longest chain is Bitcoin? I say you are naive and don't realize that your mode of thinking would make Bitcoin doomed to fail. Satoshi knew better and was perfectly fine with changing from SHA256 to a different PoW algo if it became necessary. Such changes should just be highly technically motivated and carried out by the honest incentivized miners in the system.
The points made about the longest chain had to do with security among different chains and technical necessity within a single network. This should not be misconstrued to mean that having the most PoW can justify just any system inheriting the name Bitcoin. That would be outright fraud.
Thinking that money becomes a store of value from it's immutable ability and role as money, is not Keneysianism. If anything, it's Misesianism or Rothbardianism, just as it was the view of Rand.
BCH is just as free market as Bitcoin ever was. Much more so than what Bitcoin Core did to the network and by large still does, which is to prevent many of the free market functions inherent in the actual design.
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They ignored Satoshis views on central planning and against the design intentionally centrally planned higher fees in order to compensate for a made up scenario where allegedly the fee prices would be unable to adjust in time as the rewards disappeared.
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They caused artifical hyper-deflation (probably spurring on the bull runs, which was a nice side benefit) along the way, only by making many coin balances unspendable/highly taxed by monetary policy.
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They created the need to use the available block space only as a fractional reserve and instead transfer the "proof of ownership" through other networks.
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They also quoted Satoshi out of context to justify downgrading 0-conf and further handicap the network, because they thought it would make adding and pulling bids in the newly established higher price "fee market" (complete newspeak, since a market in fees already existed and was meant to trend as close as possible toward 0 sat/transaction) more smooth.
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They act as if miners are a problem to be handled, rather than market actors conforming to the free market incentives which we ought to base the system on.
Satoshi however was very clear that there would eventually be only a few, professionally run, large anonymous network nodes (miners) and that these would connect LAN farms of so called "client nodes". - This was how he ran multiple nodes himself early on. This was the scenario which he explained as sound, since there would be economic incentive to include transactions.
The users would then connect using simple wallets that merely kept the private keys and by default followed the longest chain in the network. This was called Simplified Payment Verification and would be the so called "client only mode" of the reference Bitcoin software.
If you want to impose economic equality, want to sever your ties to or limit market pricing mechanism, systematically disable competition in the market place or you oppose wealth accumulation, you reject the market. It's that simple. You are not a Crypto Austrian. You know what you are.
Bitcoin was not made this way. It was made to take advantage of the already well known tendencies of capital, not to work against it.
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source https://www.reddit.com/r/btc/comments/977flp/feel_free_to_remind_anyone_suggesting_that/
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