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Why is it a good thing to make ETH deflationary? Don't you want people to spend it?
[removed incorrect post, thanks for the correction]
Deflationary currency means over time, there's less of it, so if the demand stays stable, you'd expect the price to go up.
> There are a wide variety of benefits to this proposal, such as potentially making Ethereum deflationary Interesting that this is framed as a benefit.
I'm not an expert, but if 51% of the existing hashpower doesn't want a change, it sounds less a 51% attack and more like miners voting against something that isn't in their interest. The whole point of blockchains is that the incentives are supposed to be aligned between miners and users. If that isn't the case here, it sounds like a problem.
> it sounds less a 51% attack and more like miners voting against something that isn't in their interest We also used to call this situation a potential "fork" (as in, the thing with two prongs) before the word "fork" was somehow redefined to mean "protocol update everyone agrees on, with a linear history without any prongs".
I'm not an expert, but if 51% of the existing hashpower doesn't want a change, it sounds less a 51% attack and more like miners voting against something that isn't in their interest. The whole point of blockchains is that the incentives are supposed to be aligned between miners and users. If that isn't the case here, it sounds like a problem.
> it sounds less a 51% attack and more like miners voting against something that isn't in their interest We also used to call this situation a potential "fork" (as in, the thing with two prongs) before the word "fork" was somehow redefined to mean "protocol update everyone agrees on, with a linear history without any prongs".
With that, I don't see blockchain governance as necessarily "decentralized," but anarchistic (non-pejoratively). Anarchistic governance can lead to complex institutions and centralization, the difference between it and traditional central organization is that participation is always completely voluntary. Most people are OK with letting the Ethereum foundation run the show most of the time, and that's totally compatible with decentralization. When people disagree, they typically organize into interest groups to either convince the current guard to consider their interests, or they schism (in this case).
Why is it a good thing to make ETH deflationary? Don't you want people to spend it?
A high price of ETH as an asset creates a higher security level for Ethereum the blockchain. The ecosystem of projects, apps, protocols, organizations, etc on Ethereum is healthier when the blockchain is guaranteed secure and stable for everyone to use.
Earlier quoted context omitted.
At this point Vitalik is one researcher among many. He's taken care to remove himself from the "benevolent dictator" role he had at first. He is very productive though, and the other researchers and devs tend to find his ideas convincing.
"A group of researchers" still doesn't feel like decentralized to me.
Earlier quoted context omitted.
That "little thing" when they rolled out contracts and pretty much showed how easy it was to manipulate the currency at their whim ...
(This new) code is (the new) law.
(You can really tell this is the case the minute "contracts" - IRL backed by "law" and all its affordances - actually became backed by -code- within this new paradigm ...