Introducing Hourglass

The email from the Bitcoin Development Mailing List, authored by Michael Tidwell, addresses a proposed concept regarding the management of Bitcoin's price through spending restrictions. Tidwell argues against this idea, presenting a critical analysis based on the volume of Bitcoin trading and the cryptocurrency's inherent price volatility. He points out that 1.7 million Bitcoin only represents about one week to two months of global Bitcoin trading volumes, suggesting that the market has the capacity to absorb such quantities without necessitating artificial controls on spending to stabilize prices. Furthermore, Tidwell highlights that Bitcoin's price is subject to significant fluctuations, with drops of up to 85% not being uncommon. This characteristic underscores his position that price volatility should not be viewed as a security issue, thereby challenging the premise that implementing spending restrictions could serve as a viable strategy for managing Bitcoin's price stability.