Quote from: mining1 on April 07, 2017, 08:36:02 AM

Quote from: iamnotback on April 07, 2017, 04:11:52 AM

Quote from: 7788bitcoin on April 07, 2017, 04:03:06 AM

However, if this goes on, bitcoin will really become an electronic asset/store of value, and no longer a efficient payment channel.

Is that a problem? Litecoin and others can take over the role of payment transactions. Bitcoin becomes the reserve currency.

It can't be just a reserve currency/store of value, most investors would flee bitcoin in that case. Whales will not be able to keep the value high without greater fools.

Those who aggregate speculation and finance of other activities (e.g. exchanges, future crypto banks) will choose to hold their reserves in BTC for as long as it is the highest liquidity, least volatile, most reliable, less experimental blockchain.

Those who want to turn Bitcoin into an experimental blockchain with block size increases, on chain settlement of off chain are messing with what gives Bitcoin its value.

For example, on chain settlement of off chain can have huge spikes in settlement transaction load thus causing volatility.

I am not trying to play sides by stating this. I am stating this as a programmer with 37 years of experience and I have become reasonably knowledgeable about blockchain technology and economics in my 4 years since I entered the Bitcoin ecosystem.