RE: Death of BTC: Bitcoin Core Plans A Block Size Reduction from 1MB to 300KB
The devs for BTC have been squabbling over how to handle block size for literally half a decade now. That's why BCH came to be a thing, until Craig ruined that too... One of the reasons why the BTC block size was never increased was because the blocks were small enough to fit through the Chinese Great Firewall, as any increase in it would have cause the GFW to block the connections. I should point out a lot of miners of BTC are in China. The block size for BTC should have been increased years ago, but that ship has long since sailed now... I must admit, I don't see BTC being the final stop for cryptocurrency. It birthed blockchain technology, and cryptocurrency along with it, but at the end of the day its true purpose was as a beginning. So maybe with the eventual, slow demise of BTC we will come to see this not as an end, or the beginning of the end, but... as the end of the beginning!
Very well stated.
BTC enjoyed a first mover advantage that it squandered, and the frantic sentiment of if BTC fails it will bring all the cryptosphere with it because of the publicity such an event will have and the numerous people who will jump at the chance to say "we told you it was nothing but tulip fever" won't make any difference, it will only be a vague sentiment of familiarity over Bitcoin, the liquidity behind it won't ever go back to fiat IMO and that demand won't be affected at all by one project failing.
Yeah, I don’t want to hear anymore about “muh tulips” from crypto skeptics... And it’s not like BTC will fail overnight. Heck, the coin itself may never stop being entirely used. People will just slowly move their capital to another coin causing the value to drop over a period of time. That capital will get transferred to other cryptocurrencies, thereby boosting the value of other coins. The slow demise of BTC could help bolster other coins along the way, such as a POS Ethereum, EOS, Steem, and other coins we can only imagine right now.
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Nicely put, I take it you are definitely not new in the wonderful world of cryptocurrency.
Oh no! I’ve been watching from afar for probably... 5 years now? But I’ve become more actively engaged with things in the cryptosphere for about 1–1.5 years now. Started doing simple mining using Minergate, then started exploring alternatives and also came across Steem about 6 months ago. Started off slow, didn’t mess with it much for a couple of months, then really got into it and have been trying to build my SP up so I can post more frequently here! Also explored some of the EOS offerings, but since I don’t really own any substantial amount of crypto, I haven’t bought and EOS to buy into a social network there. I’m also exploring ways in which blockchain can be developed and implemented in other fields too. I think it, combined with cryptocurrency, is a fantastic technology that will lead the way in decentralization of the Internet, and other networks currently held in a centralized model.
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Thank you for sharing, reads like a similar path. Mining seems to always be the common denominator for how most of us got here. I only knew the word "bitcoin" when I asked my son on spring break in 2014 what he wanted to do. He said build a dogecoin miner. From there we went to usb miners, orb miners, Antminers then graphics card milk crate miners. We invested our earning back into many losers, lost money on the crash of Cryptsy exchange and Cryptopia exchange. Trading has been successful for us so we are sticking with it. Yes good move on any knowledge/involvement you can have with cryptocurrency infrastructure, that will always be where the money is made. Good luck with any projects you can develop. I look forward to reading your posts.