I'd rather pick on your "comprehension issue" flame and that you mention 10 GH/s and not 10TH/s...

With a new block chain, you would have (like namecoin) first see difficulty explode and then the whole chain dying out slowly.
Also he is specifically talking about Bitcoin. Any blockchain that enforces these rules rather than leave it up to the miners would not be "Bitcoin" any more.

To enforce such a rule in the Bitcoin network, there are 2 ways:
It becomes the "de facto" minimum standard agreed upon between all/nearly all miners + pools, so it takes nearly forever until transactions that don't "fit" to that scheme are confirmed, forcing everyone to pay these fees.
More than 50% of miners want this fee and risk heavy forking, big parts of their income and that someone might come online/start mining to "overrule" them and they start 51%-attacking the network, pushing blocks with undesired transactions out of the block chain. The bigges this fraction becomes, the easier it gets to invalidate "rogue" blocks, so after some time, once a part of the miners has "won", it will become impossible to get a transation into blocks, that doesn't conform with these rules, as it will be 51%-overruled as fast as possible. This however would very likely lead to a split or to people fleeing from Bitcoin, who are not happy with these rules.

@Sukrim. Fixed typo, and have reading comprehension issues here myself now, failing to see what is it you trying to argue with me. All I said is basically that the idea is non starter in current blockchain. Could be done in a new block chain. I did not say that such new block chain would be viable.

I'm not advocating this, but it isnt as easy as that to dismiss. there is a whole economic school proposing this for "regular" money.

google "freigeld" or "freiwirtschaft". I'm not sure though how many resources you'll find in english since it was started by a german: http://en.wikipedia.org/wiki/Silvio_Gesell

thats the point. > velocity of money

aral, we've just seen, wave after wave after wave of noobs coming in and screaming 'unfair! I cannot get 1% of all bitcoins in existence! Let's change the rules right now or I'l throw a tantrum!'

the best answer we can come up with is 'go get your own block chain going'.

Aral with all my heart I implore you to leave Gessell aside and study real economics.

With your system bitcoins would become worthless and nobody would use them. They would not circulate because nobody would accept them. But you odnt have to believe me. Go and start your own currency. Its a small change in the code, its very easy. Go and do it.

bitcoin is not as decentralized as people think.
notwithstanding a major screwup by those guys, > 50% will adopt what the handful of people who are developing the official client decide should be the default.
and they apparently say: we're not sure yet what transaction fees will look like.


I hope someone does, even though I'm not convinced of the idea.
you can't be against central control of currencies and against competition of currencies at the same time.

no I dont. see my post above.

I can't start 'my own' currency, perhaps with a critical mass of people who think this is a better system that would be viable.  

And as for Gessell, you are now claiming that he was not a 'real economist'.    This is utterly untrue, he was an influence, among others on John Maynard Keynes.  This idea has merit and again you cannot present any argument against it.  'It would become worthless' Why?  There would still be 21 million coins, this system only increases the velocity of that money and discourages hoarding.  The value of the coin remains the same. The idea that hoarding is a good thing, that is the really crackpot thing I heard people claiming on here.


This is an interesting idea, not a 'noob tantrum'.  

That currency deflation is a bad thing is fairly conventional economics, and the problem of the 'liquidity trap' is very real.  It is entirely logical for people to withhold investment because they have more to gain by hoarding excess money.  Sure I can go and read all the Austrian school writing about how that's all Keynesian nonsense but I've not seen anyone on here yet with an argument that is anything more than handwaving or ad hominem attacks.  

that is what I called a "revolt" above. how likely is that about to happen?
about as likely as someone actually succeeding after you said "f.. your idea, go fork the blockchain if you want it".

users and miners are going to accept whatever the official client enforces, unless the developers of that client screw up big time.


there's actually pretty good evidence that deflation isnt a problem at all, like during the industrial revolution or after wars. but I don't wanna turn this into an age-old debate about economics.