Re: Fuck: SegWit, LN, Blockstream, Core, Adam Back, and GMazwell
High fees are a tax and increases opportunity cost, IT DISCOURAGES USE, simple economics.
That isn't simple economics its a circular argument. IF bitcoin's most optimal and valuable use case is to transact then we might be able to see a fee increase would negatively affect its utility as such and that this would discourage use.But bitcoin can serve a different purpose which is a fairly stable value settlement system for meta-players (ie big banks), and this would serve a valuable purpose as well.
Your argument is premised on the former and ignores the possibility of the latter. In regard to the latter bitcoin's other advantage you are ignoring is that it is far more secure in regard to its value proposition than any other coin. Ethereum is far from mature in the security sense and they still have to get to PoS which is uncharted water, it hasn't been scientifically tested/proved.
It's not scientific to not consider a different possibly valid perspective.
Proof of Stake is hardly uncharted waters, their is a large # of Proof of stake coins with different specs, that have been running for years.
(And all of them have a higher transaction capacity than BTC.)
Proof of Work is a failure due to Centralization caused by economic factors, no Proof of Work coin can avoid it.
The fact that China has had over 51% control of BTC for over a year, only proves one thing the speculators will Ignore the Truth as long as it lines their pockets.
Man you people still don't get it, even with a singular country containing majority of the hashrate, they did not attack the network did day? Mining is expensive and its R & D costs are huge. Attacking the network is against what miners want, it would hurt their bottom line.
So far no miners have been dishonest and purposely used its hashrate to hurt the network (mining empty blocks is NOT an attack, is only a vendor BECAUSE blocks are full and there are economic incentives not to do it anyway!), signalling for BU is not dishonest, they are still building on the longest chain which as far as we still know (hard to measure) is the chain most users accept as bitcoin.
PoW is working fine until there is a sustained 51% attack. Ever increasing R & D costs WILL allow other miner manufacturers to catch up. Limits of physics WILL allow other miner manufactures to catch up. They are not building CPU's. ASICS are much less complicated than that.
Whether China ever uses it or not the fact is they can 51% attack whenever or however they like.
You are not trusting the Proof of Work to protect the network, You are Trusting CHINA to not exert their power over it.
Problem with that is ,
Power Corrupts
Absolute Power Corrupts Absolutely.
BTC=Better Trust China
