Quote from: RealBitcoin on March 13, 2016, 12:29:10 AM

Bitcoin, our beloved cryptocurrency now stands between a forked road and it has to take 1 route, that will define it, and once the route is chosen it cannot turn back. It's now time to decide what bitcoin is, and where it is heading, therefore 2 paths are in front of us: Settlement Layer or Payment Network.

Now obviously my opinion is (and its a strong opinion) that Bitcoin is a Settlement Layer and it's not suited to be a Payment Network.

Here are the reasons why Bitcoin is Settlement Layer:

✓ Bitcoin is a deflationary currency, perfectly suited for longer storage, not instant payments.

✓ Bitcoin has a slow transaction speed, 10 minute is too slow for average transactions, therefore not good for quick shopping.

✓ Most coins are already in cold storage or in black holes, and more will be, it has a low money velocity, therefore few big transactions happen (most transactions are dust faucet payments which can easily be done offchain anyway).

✓ Bitcoin is nr.1. cryptocurrency which means it has instinsic value in the crypto world.

✓ Bitcoin is effectively a commodity, a commodity money, a digital version of gold.

✓ Bitcoin is well trusted and respected therefore any other technology can be easily built upon it.

✓ Bitcoin transaction cost will rise eventually, phasing out small payments, and it will be used only for larger payments, and could become a professional or institutional platform for finance, not an internet joke money.

✓ Bitcoin is nr.1. and the original one, so there can be any derivatives of it linked to it, in a transparent way, that could serve as a quickpayment, like offchain transactions, offchain channels, Lightning Network, payment consolidators,etc..

✓ Making bitcoin a settlement layer is the only way to gain trust of rich people and advancing bitcoin forward to the next level being recognized as a professional platform and a serious thing amongst reputable people.

✓ Bitcoin could be a safe haven against financial collapse, capital control and could store trillions of $ in the future, making it's price stable, while a "quickpay" currency would be very volatile because we know the faster the money velocity the higher the volatility of price. So the trust , the deflationary aspect and the slow money velocity is the perfect combination for a digital commodity and settlement layer system.

✓ Given bitcoin's size, and the money risked in it, we should be extra careful with any sudden changes, so the financially responsible and conservative path is the best way to go, therefore a small block size is recommended.

Yes, so this is Bitcoin, and therefore the Core roadmap is the best suited for it. If you want a payment network coin, then try Litecoin or Doge, but Bitcoin is not well suited for it.

"If you give up financial security for temporary comfort, then you deserve neither." --Me

Ad. 1 You are wrong as bitcoin is hardly currency not being acknowledged by law as a legal tender. You are wrong again, because all that bitcoin is, is because its wide acceptance therefore bitcoin is meant to be spent.

Ad. 2 The transaction once broadcasted is irreversible there is like 99.9% chance that it wont be double spent by the user so the confirmation is not necessarily needed right away, yet I agree that 1 minute transaction would be great.

Ad. 3 most fiat money are sitting somewhere as well, thats irrelevant statement.

Ad. 4 yes bitcoins are the widest accepted it has no intrinsic value thought.

Ad. 5 No. Bitcoin is not like gold at all it was said many times. Bitcoin has no intrinsic value such as gold have. According to the law of many countries bitcoin is not a commodity neither commodity money neither commodity based money. Bitcoin does not even meet the economic theory regarding money. The volatility is said to be in disregard with the function of treasure.

Ad. 6 Bitcoin is well trusted by the bitcoin community, which is like 1 million people at its best. Rather 20 000 who really cares and like 500 that actually do something.

Ad. 7 yes, but only if the development will follow this path. Bitcoin might crash to few dollars literally every now and then and then it will be irrelevant.

ad. 8 I dont understand it and dont want to.

Ad. 9 How many "rich" people have you met? Most of them wont invest money to something that does not have a legal boundaries. It has to be first legally defined to be widely accepted.

ad. 10 quickpay currency? Like an altcoin? Do you realize that all of those altcoins in there are just bitcoins with different name that are focused on something that bitcoin could do but the developers havent decided yet to realize it? There is no need for altcoins. How do you know its safe against financial collapse? The fact the bitcoin is not a subject to inflation does not make it 100% best. Inflation makes you to spent your money.

overall: Bitcoin was created as a digital cash. That is it thats how it should be used. Period.