Post
Topic
Board Speculation
Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion
by
Agaguk24
on 21/07/2016, 22:09:14 UTC
Block size is not a concern for BTC because BTC is not a transaction type of currency, it is a store of value currency. Nobody cares if it takes 10 minutes to transact in bitcoin because that has been how long it has taken for confirmation since inception. And nobody that is waiting 10 minutes is buying a cup of coffee.

A store of value currency, that's value is based on artificial scarcity is a foolish concept. Best store of value is in goods, that actually are scarce, and therefor hold solid value. If store of value is mostly based on speculation and faith, then it's too fragile to be a proper place to store value, because those 2 things are anything but predictable and static.
Currency itself hasn't been created for storing value, but to transact value and by that help the dynamics of economy. It's the dream of fat lards, that currency would hold or even enlarge their wealth, while they sit on their ass. Economy, nor even evolution doesn't work like that. Fat lards won't get rewarded for their laziness and the basic principle of currency will remain - your wealth will shrink if you won't keep it moving and your wealth will only enlarge if you work with it by developing new economic paths.

Yup; this Block size issue is a very big hurdle in BTC's way. Artificial scarcity won't work at making it more valuable if BTC is not more useful. Right now, we should use Paypal as the comparison benchmark to evaluate how useful is BTC.