Post
Topic
Board Speculation
Re: Gold collapsing. Bitcoin UP.
by
hdbuck
on 23/06/2015, 15:45:17 UTC
i continue to think you're focusing on the wrong metric:  nodes.

That's right, a peer to peer system that derives its strength from that network model doesn't need more peers!

You actually have been focusing on a single, simplistic dynamic (as well as several over-simplified arguments, such as your nodes don't matter argument), the blocksize <> tx/s argument. It's one of the simplest of bitcoin dynamics to understand, and you seem to believe that it exists independently of all other factors. Consistent with the over-simplistic moreblocksize == moretxs that Hearn and Andresen were pushing. Fortunately, people that have real investments in the system decided that they wouldn't allow that to happen.

nodes are important.  i've talked about this up the wazoo along with everyone else.

i just don't think they centralize to the degree you claim.  user growth will grow node growth.  also more users will grow more merchants who will host their own nodes.  there is so much growth potential outside Bitcoin's small, niche community that is the current status quo.

although "the masses" dont care at all - for now, and whilst the banking status quo holds, they have no reason to switch..

increasing the blocksize wont bring new users at all.

all growth metrics to date, esp tx growth, say you're wrong.  large blks will keep tx's cheap and reliable.  with entities like Nasdaq, Factom, CP, Overstock, colored coins etc continuing to build service within Bitcoin's mainchain, growth will continue.  but these services are dependent on cheap & reliable tx's, which they want.  no for profit core dev company can stop that.

how would you link tx growth (and other metrics?!) to adoption rate?
whilst it may have been a good indicator in the early days, it is now more diffused with hundreds of companies sending thousands of transactions.

+ just look at bitpay: http://uk.businessinsider.com/30-million-bitcoin-startup-bitpays-backup-plan-sell-tech-to-the-banks-2015-6?IR=T

"But Bitpay has a big problem — ordinary people aren't paying with Bitcoin."

they are now reduced to pitch freakin banks!
i mean i thought one of bitcoin's main disruption was to avoid banksters.. Sad