Post
Topic
Board Bitcoin Discussion
Re: Bitcoin's elite behaves just like the old banking elite
by
cryptopunk
on 11/05/2017, 19:36:00 UTC
Do you think the average user cares about centralization ? Does the average Apple user care he's in a golden prison ? Bitcoin has value only if it's useful in making transactions, that's it. If Bitcoin loses that ability, it will fall like a house of cards. A few individuals might care that there is no central government taxing or freezing their hoard, but they are irrelevant in the grand scheme, they will be left with poker chips which they can trade in a select club of ex-millionaires.

The window of opportunity to fix this clusterfuck is closing fast. The fees are rising exponentially and already make up a non-negligible part of the miner revenue. This means miners will compete for it and plan their capital investments accordingly, and are forced by the market to compete. Because capital costs are the dominant expense in mining, we are are quickly shifting from situation where fees are a nice windfall for miners, to a situation where fees are already priced in the existing mining hardware. When fees will make up half of the mining revenue and will be essential in recovering sunk costs, good luck convincing any miner that he should forgo that revenue and return to negligible fees that the network is more than capable of supporting.

Lead devs and pool owners need to lock themselves in a room and not get out until they have committed to fix the fees issue by any means necessary in at most 6 months. Mark my words, we are on the deck of the Titanic and the band is playing.