Do We Need to Lower the Type 1 Error Probability?

A list of 72 authors have suggested that we should lower the type 1 error probability, by making the default cut off. So a half of a percent instead of 5%. And this got a lot of attention, and it mostly actually, most of the attention I've seen has been negative attention. They do go into other arguments in favor of this proposal, but that's essentially the kind of argument that they put forward.