Is BITCOIN Doing Everything it Can to Kill Itself?
Destroying the Brand
Bitcoin, the first crypto-currency, the mack daddie .. more people in the wider-world know of Bitcoin than any other blockchain, and now the Bitcoin community is on the verge of destroying this advantage. Can you imagine if McDonalds decided to split into two separate chains .. McDonDon's and McAldy's - people would think, "woah .. what's going on here, these people don't have their shit together! Let's go to BurgieHaus instead .. the food is better anyway."
You see, when you have a leading brand, you do not necessarily have to have the best product - you have brand recognition and therefore, trustworthiness - let's face it, this is all that Bitcoin has going for it at this point; there is better product in the marketplace.
A great article on the risks/arguments .. https://qz.com/937312/bitcoin-btc-is-tearing-itself-apart-again-and-its-price-is-yo-yoing/
Blockchain Geeks, Time to Take a Step Back!
If you want Bitcoin to survive, forget about trying to be Dr. Blockchain and start thinking about what the people need, what they want, and most of all what they will think about all this chaos. Take Ethereum as an example - good technology, ruined by irrational exuberance expressed by the developers for "The DAO" experiment - after it failed, the chain split when they lost consensus about whether or not they should act to recover what was lost in "The DAO". As a result, serious potential investors put a hold on their plans to move forward with Ethereum-based solutions - if it was not for Microsoft adding it to their Azure platform last year, others would not have done so and the entire Ethereum venture would have been entirely stalled, with the price steadily dropping.
Now the future is looking good once more, for ETH .. http://www.inc.com/brian-d-evans/heres-why-microsoft-jp-morgan-chase-and-these-entrepreneurs-are-all-in-on-ethere.html
Bitcoin will not be so lucky ..
Because the applications, beyond the transfer of value from A-->B, are non-existent, and currently it is both expensive (transaction fees) and relatively slow to do the one thing that it can do, Bitcoin's days seem numbered. The only thing they can use to save themselves is their history and reputation .. which they are now poised to piss away. The greatest benefactor of the split in Bitcoin would be DASH - they very definitely seem to be a community that has their shit together. They have seen what is happening with Bitcoin, what happened with Ethereum, they will not make the same mistake.
Retain the Crown!
Bitcoin could maintain its position as the medium of transfer from all other cryptos to fiat, and back again. It can continue to be the 'gold-standard' for all blockchains, or it can be pushed aside by something faster, cheaper and more versatile.
So interesting the article and the references, but please explain me what's going to happen when the blockchain reach 1 MB.
Hello,
Well, we are there already and things are slowing down and transaction fees are going up.
Change is required, no doubt about it .. but which way to go? Larger blocksize seems correct, to speed things up and give more transaction fees to miners, who need consistent incentive to secure the chain. But Blockchain "Unlimited" seems too drastic, because it exposes control of the chain to big players pushing little ones aside, being able to send MORE and pay MORE to expedite.
It is not an easy answer, but my point is, whichever way the majority of hashpower goes, the rest should follow, in order to maintain the integrity of the brand. It would not be advisable to try some blockchain battle of who's right and who's wrong .. try something, and if it proves not to be the right course, then EVERYONE change course again, together .. majority hashpower rules, not the exchanges, not the trading platforms ..
Thanks.
Hello @kurtbeil! Article is very good, enjoyed reading.
Hello @kurtbeil! I enjoyed the read and I agree! Thanks for posting.
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