2/ I find myself disagreeing with a lot of the HODLer reactions. This includes people I typically see eye-to-eye with based on their strong writing/thinking/analysis of Bitcoin (e.g. @bendavenport @real_vijay @moneyball). No one is saying HODLers don't create value by HODLing.
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এই থ্রেডটি দেখান
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3/ The "free-rider problem" is a term from economics describing the situation where "those who benefit from resources, public goods, or services do not pay for them, which results in an underprovision of those goods or services" (Wikipedia)
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4/ Bitcoin development, while continuing to make actual progress, is underprovisioned relative to the benefits people receive from it. Many players in the ecosystem including HODLers and miners benefit from the work that developers do in making Bitcoin better.
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5/ HODLers and miners each contribute varying amounts of value to the network, but we remain with an underprovision of developer time on Bitcoin's codebase because of this developer incentive alignment problem (a.k.a. the "free-rider problem")
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6/ It's so acute that many people who might have the talent and energy to contribute to Bitcoin development have chosen to 1) launch ICOs or 2) not work on crypto because there is no reasonable way to economically align their contributions with direct economic remuneration.
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7/ There are other reasons people can and do work on Bitcoin development anyway. Examples include ideology, interestingness, challenge, personal brand/network, being at the forefront of a massively transformative technology, etc.
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8/ But we don't compensate Bitcoin developers with direct economic reward for the work they do. It should not surprise us that talented entrepreneurs, engineers, (as well as untalented hucksters) might be attracted to working on projects where they do gain direct economic reward.
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9/ Follow the incentives. We are all free-riding on the work of Bitcoin developers today, despite the fact that we may contribute value in various ways (HODLing, mining, storytelling/educating/sharing to name a few).https://twitter.com/dksf/status/1018518858833920000 …
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কথা-বার্তা শেষ
নতুন কথা-বার্তা -
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Naval is a freerider, most VCs in crypto are freeloader,freeriders dumping their ponzi scams on public.
ধন্যবাদ। আপনার সময়রেখাকে আরো ভালো করে তুলতে টুইটার এটিকে ব্যবহার করবে। পূর্বাবস্থায়পূর্বাবস্থায়
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Would love to hear your and Naval’s take on an idea I’ve had kicking around about how to give core devs (and other freelance types) incentive alignment with the projects they work on.https://medium.com/@jillcarlson/free-company-49b129461b3c …
ধন্যবাদ। আপনার সময়রেখাকে আরো ভালো করে তুলতে টুইটার এটিকে ব্যবহার করবে। পূর্বাবস্থায়পূর্বাবস্থায়
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Linux was never developed because talented developers were working for Microsoft /s
ধন্যবাদ। আপনার সময়রেখাকে আরো ভালো করে তুলতে টুইটার এটিকে ব্যবহার করবে। পূর্বাবস্থায়পূর্বাবস্থায়
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Those people you mentioned probably own enough bitcoins to last till the rest of their lives. The problem is there is very little incentive for new developers to start working on the core protocol while making zero profit
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Developers are not some economically celibate monks who think it’s ok to spend their time where they can extract zero benefit from. Especially the most talented ones. Most don’t understand this because they’re never been a talented developer with infinite options in their life
কথা-বার্তা শেষ
নতুন কথা-বার্তা -
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Hodlers pay with inflation
ধন্যবাদ। আপনার সময়রেখাকে আরো ভালো করে তুলতে টুইটার এটিকে ব্যবহার করবে। পূর্বাবস্থায়পূর্বাবস্থায়
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He is not articulating anything but showing his ignorance regarding money. The only thing that gives any money its value is its holders. USD holders give USD value, GBP holders give GBP value and bitcoin holders give bitcoin its value. Holding is the demand side of the equation.
ধন্যবাদ। আপনার সময়রেখাকে আরো ভালো করে তুলতে টুইটার এটিকে ব্যবহার করবে। পূর্বাবস্থায়পূর্বাবস্থায়
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Say we posit that this is all correct. Is there any indication that bitcoin development is not proceeding perfectly well despite this state of affairs?
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His point is that it could be moving at a much faster pace if there were not this free-rider issue.
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Brook’s law would caution against assuming that adding more developers will increase productivity. Also seems that developers have difficulty staying up to speed at the current pace. But I am not a developer so grain of salt. Also don’t mean to suggest Brook’s law is inviolable
কথা-বার্তা শেষ
নতুন কথা-বার্তা -
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So how much is bitcoin worth if no one buys and holds it? How does it being worth less help incentivize people to work on it? Why couldn't devs (especially if they are working on it because they believe in it) be holders too? What cost or drain do holders add to the system?
ধন্যবাদ। আপনার সময়রেখাকে আরো ভালো করে তুলতে টুইটার এটিকে ব্যবহার করবে। পূর্বাবস্থায়পূর্বাবস্থায়
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লোড হতে বেশ কিছুক্ষণ সময় নিচ্ছে।
টুইটার তার ক্ষমতার বাইরে চলে গেছে বা কোনো সাময়িক সমস্যার সম্মুখীন হয়েছে আবার চেষ্টা করুন বা আরও তথ্যের জন্য টুইটারের স্থিতি দেখুন।





SF. Startup Angel Investor/Advisor. Crypto curator. Entrepreneur. Ex-Googler. Cyclist. Always Be Curious.