Hi Guys,
maybe someone can help me understand because I'm having really hard time and I'm sure there are very good reasons!
What's the purpose of letting the transaction pool to get so full to have transactions falling out of the pool, having the fees so high that we have a limit on the minimum transaction and some exchanges stopping the withdrawals because of the network congestion?
While for someone transferring 100k might be acceptable to pay a $60 fee to see their transaction approved there are so many people that would love to be able to invest $100 or $200 which in many countries might be more than a monthly salary or their life savings.
Reading the whitepaper I read:
Abstract. A purely peer-to-peer version of electronic cash would allow online
payments to be sent directly from one party to another without going through a
financial institution. Digital signatures provide part of the solution, but the main
benefits are lost if a trusted third party is still required to prevent double-spending.
We propose a solution to the double-spending problem using a peer-to-peer network.
The network timestamps transactions by hashing them into an ongoing chain of
hash-based proof-of-work, forming a record that cannot be changed without redoing
the proof-of-work. The longest chain not only serves as proof of the sequence of
events witnessed, but proof that it came from the largest pool of CPU power. As
long as a majority of CPU power is controlled by nodes that are not cooperating to
attack the network, they'll generate the longest chain and outpace attackers. The
network itself requires minimal structure. Messages are broadcast on a best effort
basis, and nodes can leave and rejoin the network at will, accepting the longest
proof-of-work chain as proof of what happened while they were gone.
To the states of art bitcoin is not this anymore, it doesn't allow online payments (unless you are buying a lambo but I doubt bitcoin purpose is to buy lambos) and since a transaction with a low fee can fall off the pool the double spending is more than a reality.
Am I reading the wrong whitepaper? if not what's the reason for letting bitcoin get so distant from the whitepaper? What can we do to have it back on track?