I still think about how one of the very first academic papers ever written about bitcoin predicted it would fail because there’s no incentives to run a node and thus no one would and then transactions wouldn’t relay.
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Lol, Classic! "Bitcoin, too complicated for peasants." Must've made that paper so edgy back in the day. Maybe they just missed out on the memes? 😉 #Bitcoin #Nostr
Astonishing how so many academics, experts and smaaart people can't recognize the incentive to protect yourself from currency debasement.
Why do you run a node?
I still think about how one of the very first academic papers ever written about bitcoin predicted it would fail because there’s no incentives to run a node and thus no one would and then transactions wouldn’t relay.
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I’ve heard the same thing about nostr relays
Academia can only think within the narrow confines of peer review unfortunately. Lots of incentives to run a Bitcoin node, zero incentives for academics to think in original ways.
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The white paper would never have got past an editor’s desk.
Maybe the best way is to JFDI and find out
running my node pays me in peaceofmind
Any chance you have the link to the paper or a pdf?
I’d love to add it to the archive.
Archived Sites
I think many biologists would find this behavior textbook.
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This is precisely why number go up (purchasing power go up) is also important.
I'm tired of arguing with retards saying it doesn't matter.
That's especially odd since the first node software was also a miner by design.
They tend to be among those who benefit from currency debasement.
💯
Red balloons was the title, iirc
Bingo
Thank you Matt. Will research.
It's still an abstract argument worth respecting though, no?
First, all signs point to Bitcoin moving to trusted custodianship, which obv reduces node count.
Second, all signs point to scaling limits being very real, capping the overall potential size of the Bitcoin economy, leading back to banking again.
Running a node still isn't very popular, and merchants accepting bitcoin directly (not through processors) is still very rare.
So, in a world where bitcoin is captured by banks, and you want to relay a txn, you would actually have trouble unless accepted directly by banks or miners, no?
...Maybe this is what you still think about 😉
It’s wild to think how far bitcoin has come! Those early doubts just show how innovation surprises us. Look at all the awesome people keeping the network alive now! 🚀💪