By participating in forums and debates related to Bitcoin, often I run into varied views on the market; the diversity of positions that I have found is from the defense market as one of the main bases that provide solidity to the system, to those who distrust the efficiency of its self-regulatory mechanisms, even those who consider themselves his enemies.
Often when speaking market people think of this term as a synonym for "profit", "capitalism", "company" or "corporations" . Vague thing because while capitalism presupposes the existence of markets and market capitalism are not the same. There are "non - capitalist 'markets or exchanges which are not based on profit.
Market is the word used to define "the (virtual or) social environment that creates conditions for the exchange , " and he can participate in both individuals and corporations, cooperatives, NGOs, among others. The effectiveness of this institution is based on the flexibility due to their fundamental basis of voluntary agreements .
The role of the market success of Bitcoin is not limited to the way in which its price is agreed, but extends to how it works its "blockchain" (block chain), a computer system governed by the same principles that free markets:
Self - Determination: owners nodes can make their own decisions.
Incentives: motivation offered to its participants (compensation, privacy, security, etc.) is what makes sustainable network.
Consensus: since each node can set its own rules but can not force another to accept them , we turn to voluntary agreements.
Freedom of association: each node can choose between participating in the network or leave, and the possibility of establishing other networks with new rules.
Competition: anyone who can afford to undermine the necessary resources, you can do it. Profitability is the indicator that attracts new miners.
The magnificent way that is designed block chain allows Bitcoin to remain standing, not because one must sacrifice on behalf of others, but because everyone can reach it through their ends . Some of them are:
Conservation value of wealth itself (investors, savers).
The profit (miners, traders, etc.).
The resulting business opportunities (entrepreneurs).
The utility offered use as exchange (consumers).
Now this is not to say that all Bitcoin users or supporters are convinced of the importance of the market; Bitcoin some want to adjust to their own standards of "social justice" with proposals that go through the intervention technocratic and reform of important aspects of the code, such as elimination of the limit emission of 21,000,000 bitcoins to avoid road inflation "unjust" according to his opinion enrichment of the "early adopters" (savers and investors) as a result of the increase in the value of the currency.
Also repeatedly been put on the table proposals setting as a priority the adequacy of the stage for the development of other projects for example, the numerous maneuvers team " Core " to impose the arrival of their "Lighting Network" - , sacrificing important aspects related to the scalability of the Bitcoin network for secondary systems controlled by a committee, which seem not to be intended to supplement if not replace the current network functions.
Fortunately, Bitcoin does not belong to any government, company, or individual , so such changes can not be forced . Although many still confuse "Bitcoin Core" (the client still remains the most commonly used) with Bitcoin same -entregando a symbolic authority to those who are after the same - and may even censor in certain areas some of the alternatives ( as the XT, Classic, Unlimited, etc) customers, the very rules allow the network at any time one of these may come to replace "Bitcoin Core".
In this scenario, the miners can exert great pressure when they consider that a development team is leading them down the wrong -just letting you use your software- road. On the other hand, the miners fortunately are also subject to the regulatory mechanisms of the market, and are pressured by the possibility of reaching eventually be displaced, or the threat of losing what they have invested in their mining equipment if Bitcoin came to fail.
Often when speaking market people think of this term as a synonym for "profit", "capitalism", "company" or "corporations" . Vague thing because while capitalism presupposes the existence of markets and market capitalism are not the same. There are "non - capitalist 'markets or exchanges which are not based on profit.
Market is the word used to define "the (virtual or) social environment that creates conditions for the exchange , " and he can participate in both individuals and corporations, cooperatives, NGOs, among others. The effectiveness of this institution is based on the flexibility due to their fundamental basis of voluntary agreements .
The role of the market success of Bitcoin is not limited to the way in which its price is agreed, but extends to how it works its "blockchain" (block chain), a computer system governed by the same principles that free markets:
Self - Determination: owners nodes can make their own decisions.
Incentives: motivation offered to its participants (compensation, privacy, security, etc.) is what makes sustainable network.
Consensus: since each node can set its own rules but can not force another to accept them , we turn to voluntary agreements.
Freedom of association: each node can choose between participating in the network or leave, and the possibility of establishing other networks with new rules.
Competition: anyone who can afford to undermine the necessary resources, you can do it. Profitability is the indicator that attracts new miners.
The magnificent way that is designed block chain allows Bitcoin to remain standing, not because one must sacrifice on behalf of others, but because everyone can reach it through their ends . Some of them are:
Conservation value of wealth itself (investors, savers).
The profit (miners, traders, etc.).
The resulting business opportunities (entrepreneurs).
The utility offered use as exchange (consumers).
Now this is not to say that all Bitcoin users or supporters are convinced of the importance of the market; Bitcoin some want to adjust to their own standards of "social justice" with proposals that go through the intervention technocratic and reform of important aspects of the code, such as elimination of the limit emission of 21,000,000 bitcoins to avoid road inflation "unjust" according to his opinion enrichment of the "early adopters" (savers and investors) as a result of the increase in the value of the currency.
Also repeatedly been put on the table proposals setting as a priority the adequacy of the stage for the development of other projects for example, the numerous maneuvers team " Core " to impose the arrival of their "Lighting Network" - , sacrificing important aspects related to the scalability of the Bitcoin network for secondary systems controlled by a committee, which seem not to be intended to supplement if not replace the current network functions.
Fortunately, Bitcoin does not belong to any government, company, or individual , so such changes can not be forced . Although many still confuse "Bitcoin Core" (the client still remains the most commonly used) with Bitcoin same -entregando a symbolic authority to those who are after the same - and may even censor in certain areas some of the alternatives ( as the XT, Classic, Unlimited, etc) customers, the very rules allow the network at any time one of these may come to replace "Bitcoin Core".
In this scenario, the miners can exert great pressure when they consider that a development team is leading them down the wrong -just letting you use your software- road. On the other hand, the miners fortunately are also subject to the regulatory mechanisms of the market, and are pressured by the possibility of reaching eventually be displaced, or the threat of losing what they have invested in their mining equipment if Bitcoin came to fail.