Based on other posts I've seen on here, many of you are Bitcoiners. While I clearly see the value proposition, I have a few questions about the protocol that haven't been answered, and I figure the lesswrong audience is my best change.
1.) Will the fee market actually work?
Is there any evidence of a fee market working, incentive wise? Gold used inflationary proof-of-work indefinitely. Miners extract value from the monetary network by making more gold. They can increase or decrease their mining efforts due to supply and demand. This yielded a 1-2% inflation rate into perpetuity, and acted as a stable monetary system for many centuries.
Bitcoin... is trying to replace the model of... (read 205 more words →)
If we had a reasonable sized cohort of psych experts with an average IQ of 140+ maybe this would work. Unfortunately, the sorting processes that run on our society have not sorted enough intellectual capital into those fields for this to be practical, even if the crystalized knowledge they provide might be useful.