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RE: The Investing World No Longer Makes Sense!
The finance system as we know it today, will eventually collapse because the companies that are the foundation of the system will continue to downsize services and eventually we will hit the critical level where normal people just stop using it because keeping "money" inside the system costs more than they have.
Correct. Until now there really wasn't an alternative. I am actually shocked they are allowing bitcoin to grow up like they are...
I think it's essential flaw of the blockchain technology... It scales to a degree and after that it becomes unsustainable. Only way for a cryptocurrency to survive for indefinite time period is to periodically restart the blockchain and transfer over only the balances... This means inactive users will lose value of their coins eventually. This pretty much implies that any extra data (posts and comments in case of Steem) must be stored outside the primary blockchain.
Correct. Either the token must keep going up indefinitely or the blockchain will eventually die. That is unless the tech is improved along the way, tech that is unknown at this point in time. :)
As a coin developer myself, I have to constantly keep myself updated with development of cryptocurrency as an industry... Some months ago there was talk about discarding old data from blockchain that is not supposed to change anymore neither is needed to preserve integrity of still used data. This includes for example all transactions with all outputs already spent. When block has no transactions that have unspent outputs, it will be pruned from blockchain data that is synced with other peers or stored on disk. In case of Steem, it could also include previous copies of edited posts and comments when the edit window has expired. This would require all new nodes to be able to skip those pruned blocks without risk of spontaneous chain split, essentially explicitly setting and propagating dynamic checkpoint on first block that is not pruned yet.
What about if the editing option window is never closed?
Obviously then last N versions would be preserved...
That doesn't seem to be possible then with the current tech without a blockchain eventually toppling over on itself.
It will require some complex changes in the daemon code but I'm confident some coin is already planning such change...