Post
Topic
Board Speculation
Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion
by
Holliday
on 07/11/2015, 06:45:10 UTC
That is the stated Blocksrteam/small-blockian view: bitcoin should be used only for large-value settlements between institutions, like the Lightning network hubs

As a small-blockian myself, I can say the above is not my view.

Bitcoin should be used primarily for transactions where capital controls or other forms of monetary censorship exist.

The amount of data required to keep the Bitcoin network functioning should remain small enough that it is difficult to censor, especially considering it is needed most in places where censorship exists.

-- not for ordinary e-purchases by ordinary citizens.

This, however, is my view.  There is simply no reason to use censorship-proof money for ordinary purchases. It's a terrible waste of resources for starters. A decentralized system has no reason to compete with centralized systems. They each do different things well. Using Bitcoin to buy goods from Amazon is like using a chainsaw to mow your lawn. Yeah, a chainsaw will certainly cut grass, but there are much better tools for the job.

All transactions do not need to be censorship-proof in a world where censorship-proof transactions exist. The possibility of censorship-proof transactions by itself will cut down on censorship because it will be seen as futile. So, it's important that any decision to change Bitcoin be considered in this light, and it's imperative not to make changes which move in the opposite direction (such as drastically increasing the amount of data needed to be shared in order to keep the network functioning).