Re:Flaws in Bitcoin make a lasting revival unlikely
by schmichael on Wednesday March 27, 2019 @10:17PM
(#19508548)
> Outside of free cash, anything related to setting up a bank account, or a credit card can take up to 7-10 business days if not more
You are forgetting concurrency. A bank doesn't stop processing transactions for 7 days while opening 1 account. Thousands, millions, or more accounts can be opened concurrently. If account demand skyrockets more branches can be added, more tellers hired, banks can compete on efficiency of service.
Bitcoin's 7 TPS rate limit is global and immutable (without a fork). You cannot add more nodes to satisfy demand. You cannot add more hash power to satisfy demand. You get 7 TPS or you try to get consensus on upgrading (which almost always means a fork, which ironically is an extreme form of fiscal stimulus as it doubles monetary supply).
You are forgetting concurrency. A bank doesn't stop processing transactions for 7 days while opening 1 account. Thousands, millions, or more accounts can be opened concurrently. If account demand skyrockets more branches can be added, more tellers hired, banks can compete on efficiency of service.
Bitcoin's 7 TPS rate limit is global and immutable (without a fork). You cannot add more nodes to satisfy demand. You cannot add more hash power to satisfy demand. You get 7 TPS or you try to get consensus on upgrading (which almost always means a fork, which ironically is an extreme form of fiscal stimulus as it doubles monetary supply).