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A comment on If Bitcoin Looks Like It Isn’t Trading, It’s Because It Isn’t. Parent comment

Re:If Bitcoin Looks Like It Isn’t Trading, It’s Because It I... by DennisP on Monday December 09, 2019 @05:26PM (#21747330)
Yes, it has morphed. The devs in charge of Bitcoin have purposely abandoned the idea of it being a currency. On-chain transactions are artificially limited to about four per second, and they refuse to change that. They call it a "store of value" now.

Other cryptocurrencies are working hard on scaling to the point of being workable currencies.

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Re:If Bitcoin Looks Like It Isn’t Trading, It’s Because It I... by xur17 on Monday December 09, 2019 @07:55PM (#21748542)
> The devs in charge of Bitcoin have purposely abandoned the idea of it being a currency. On-chain transactions are artificially limited to about four per second, and they refuse to change that. They call it a "store of value" now.

I don't think they abandoned the idea of it being a currency, I think they just have different ideas about how exactly to go about scaling it. The block size limit (and therefore the transactions per second limit) was raised 2x rather than significantly more because they don't think scaling onchain is a viable long term solution [0].

Lightning, and other second layer networks have always been discussed as the solution to this scaling problem, and while they are still very early, there's already a fair amount of usage. I work at a company that accepts Bitcoin, and as of today, > 90% of our transaction volume is via lightning.

[0] https://en.bitcoin.it/wiki/Block_size_limit_controversy#Argu...

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Re:If Bitcoin Looks Like It Isn’t Trading, It’s Because It I... by random_kris on Tuesday December 10, 2019 @02:45AM (#21750499)
is your company hiring? I am a backend java developer who is looking for opportunities in bitcoin world.
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Re:If Bitcoin Looks Like It Isn’t Trading, It’s Because It I... by bduerst on Monday December 09, 2019 @05:30PM (#21747360)
It's more complex than that. It's the miners, not the devs, on the Bitcoin network refuse to come to a consensus on what Bitcoin should be. It's like a weird 21st-century internet tragedy of the commons.
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Re:If Bitcoin Looks Like It Isn’t Trading, It’s Because It I... by jhatemyjob on Monday December 09, 2019 @05:44PM (#21747471)
This is why I think "decentralization" will never work. It's just a power vacuum, that will be filled/abused one way or the other.
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Re:If Bitcoin Looks Like It Isn’t Trading, It’s Because It I... by bduerst on Monday December 09, 2019 @07:15PM (#21748251)
Precisely. It turns out that despite some of it's flaws, having your currency managed by a central organization that is incentivized for stability tends to work better than a handful of data miners stealing electricity in China.
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Re:If Bitcoin Looks Like It Isn’t Trading, It’s Because It I... by jhatemyjob on Monday December 09, 2019 @07:59PM (#21748561)
And whoever owns the domain https://bitcoin.org.
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