On a recent Twitter (Xer?) Space, BTC Inc. CEO and spam enjoyer David Bailey admonishes everyone to "just let the free market work."
In an age where cryptocurrency debates are as volatile as the markets themselves, David Bailey, CEO of BTC Inc., recently took to Twitter Spaces to deliver a sermon on the virtues of the free market – especially as it pertains to Bitcoin. The twist? Bailey, a known aficionado of Bitcoin spam, now advocates for a laissez-faire approach, seemingly oblivious to the irony that the very transactions he supports are buoyed by the SegWit discount subsidy.
During this enlightening oration, Bailey, donning the guise of a cyber-era libertarian, proselytized about letting the free market run its course, all the while conveniently sidestepping the subsidy issue. It's a classic case of 'do as I say, not as I do', or perhaps more aptly, 'do as I say, while I enjoy my subsidized spam'.
A perceptive anonymous commenter chimed in, “David, if you're really in favor of the free market, let's have it. It's time to remove the SegWit discount for these transactions, and let's also remove the OP_FALSE / OP_IF exploit while we're at it. Put everyone on the same playing field.” A suggestion that, unsurprisingly, seemed to vanish into the ether of Bailey’s selective hearing.
The backdrop to Bailey's free market farce is the recent surge in Bitcoin's on-chain fees – a topic that has resurrected old ghosts and new debates within the crypto community. The root of this fiscal fiasco? An uptick in digital knick-knacks and memecoins that are clogging the Bitcoin network faster than a fiat-rich diet clogs arteries.
Bailey, ever the opportunist, celebrates the elephant in the room: these novel uses of the network are precisely what's jacking up the fees. And when it comes to Bitcoin's role as a global economic liberator, Bailey's stance is akin to a reverse Robin Hood – robbing the poor of transaction accessibility and giving to the rich in speculative assets. One can't help but wonder if his next move will be to write a magnum opus titled "Atlas Mumbled."
The mining sector, in their quest for profitability, has taken a more pragmatic approach. They're like the janitors of this digital mess, sifting through the debris to find the most lucrative scraps. As the network gets more congested than a rush-hour subway, some miners are filtering out what they deem as spam – a term that, in the Bitcoin world, is as contentious as Satoshi's views regarding pineapple on pizza.
In the grand narrative of Bitcoin's evolution, Bailey's stance presents a paradox. On one hand, the rising transaction fees, signify Bitcoin's ascent to financial stardom. It's like a rite of passage – Bitcoin is finally rubbing shoulders with the big boys of global currencies. However, when you look more closely, the picture is less rosy. These high fees become barriers, akin to velvet ropes at an exclusive club, keeping the average Joe and his meager transactions at bay.
The issue goes beyond mere economics – it's about Bitcoin's soul. As fees skyrocket, we risk an elitist centralization, the very antithesis of the Bitcoin dream. It's a digital 'Hunger Games', where only the wealthiest can afford a seat at the table.
Bailey's sermon, therefore, is less about economic philosophy and more about convenience. He's like a magician, distracting the audience with one hand while the other picks their pockets. As he champions the free market, one can't help but wonder if his definition of 'free' includes 'freely subsidized by others.'
This conversation follows closely on the heels of revelations that David Bailey denied Dennis Porter a speaking slot at Bitcoin 2023. Sources suggest this move was fueled by personal animosity, stemming from Dennis' refusal to include Udi in an as-yet undisclosed event, a decision that seems to have ruffled more than a few feathers in the Inscription coop.
On one path lies Bailey’s bailiwick, a land where the rich get richer on digital trinkets while preaching a dime-store version of the free market gospel. On the other, a more holistic vision, Bitcoin lives up to its promise of financial freedom and inclusivity. As for which path will be taken, only time will tell. But one thing is certain – in the world of Bitcoin, the free market comes with a price tag, and it's not always paid in cash.