1/ Bitcoin development suffers from the "free-rider problem".
A bunch of people got really upset with @naval for pointing this out recently. I think he's articulating a reasonable characterization of a problem we collectively face in accelerating future Bitcoin development.
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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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I'll say it: people sitting on piles of BTC are creating about as much value as people sitting on piles of fiat.
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.