Post
Topic
Board Bitcoin Discussion
Re: Bitcoin 20MB Fork
by
amincd
on 08/02/2015, 04:51:26 UTC
I don't propose Bitcoin replace Starbucks cards, much less bank-wires.

I support the paradigm of Bitcoin as a new kind of 'super-gold' that creates its own category on the spectrum, supplanting all previous forms of money:

That might not work out as you imagine. I would wager a lot of money that it would fail miserably, and if Bitcoin was stuck at 1 MB of transaction data, an altcoin blockchain will simply replace Bitcoin as the market leader as users opt for it rather than paying higher fees.

I also don't want a Bitcoin blockchain that is a "super gold" transfer system, that only large financial institutions can afford to directly access. I want Bitcoin to be what the Bitcoin white paper promised:

https://bitcoin.org/bitcoin.pdf

Quote
Abstract. A purely peer-to-peer version of electronic cash would allow online
payments to be sent directly from one party to another without going through a
financial institution.

An ultra expensive "super gold" transfer system that only large financial institutions can afford to directly access on behalf of their end users is exactly the opposite of a peer-to-peer electronic cash.

Quote
There are at least three other blockchains available which are well suited to handle the small (Cryptonite), medium (Litecoin), and private (Monero) transactions.

I don't want to give altcoins space to take market share from Bitcoin. You do.