Post
Topic
Board Bitcoin Discussion
Re: Why the Bitcoin rules can't change (reading time ~5min)
by
johnyj
on 22/02/2013, 04:08:27 UTC

But, what is the point of having control of your node if it's following a set of rules that doesn't scale to global significance?  With the transaction-rate limit I don't see how Bitcoin can grow beyond a relatively small segment of the online transaction market  Eventually, something else will come along that scales better, and people (including you maybe) will abandon Bitcoin.

It's too early to talk about global significance, bitcoin is not going to heaven

Current hype will over when most of miners have migrated to ASIC devices, from then on there won't be fast expansion of hashing power and the price of bitcoin will not rise that fast as it doing now

And bitcoin have a long road to go before it reach widely acceptance, transaction capacity is such a small issue if you consider so many  legal and human factors. Even today, when I talk to my computer scientists friends in multinational company, most of them still doubt it is a scam, they have a good income and a good life, they might never care about this little thing

On the contrary, if it really gained mainstream acceptance and acknowledgement from government, there will be banks and institutions waiting in the line to solve this transaction problem with their existing mature and sophiscated clearing system, bitcoin will become a new digital gold standard. Do you really need to use a tiny bit of gold to buy milk?

If you are really that service minded, then you should consider remove the 21 million supply limit, and adjust the daily supply to keep the exchange rate fixed at $21,  then the merchants will feel safe to use bitcoin due to lower exchange rate risk

I had a strong impression that bitcoiners are so proud of the limited supply nature and I'm convinced this is really a different view in today's world, and I hope they are not walking towards a direction what everyone familiar: overproduction, plenty of supply and cheap