Re:Analyzing Cryptocurrencies Using PostgreSQL
by Frogolocalypse on Wednesday June 28, 2017 @06:31PM
(#14659118)
Bitcoin is different than other cryptos in a fundamental way. It is inherently conservative. They resist almost any change that isn't an efficiency improvement.
The reality is that, for now, and for the foreseeable future, people are not interested in using bitcoin for over the counter purchases. I know this from personal experience as a former service provider of that specific service. It might never have a use-case that way. People say they want those things, but then don't spend their bitcoin. This is backed up but realty too : there are plenty of other cryptos with the same architecture with 10x the throughput and negligible txn fees (i.e. litecoin) and they aren't used for that. Maybe they will. Maybe they won't. Can't say. I know enough not to want to change something that works for what it is used for though.
As long as they could believe capping transaction volume and driving up fees wouldn't kill the currency or slow the appreciation in exchanges they are absolutely content with the status quo. And like I said, crypto-gold is useful. It just isn't a currency, and the way both bitcoin-core and the miner network responded to attempts to improve transaction volume reflect on the broader ideology in bitcoin itself - an ideology, like I said, I don't agree with. Not just the developers alone, but the devs and miners that both want inflation and small blocks over longer term adoption that may not translate into guaranteed profit.