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Gold is very dense. There are physical constraints making it difficult to transact large amounts of it. Even though humans can constrain the transaction throug
by hughw 11y ago
Gold is very dense. There are physical constraints making it difficult to transact large amounts of it.
Even though humans can constrain the transaction throughput of bitcoin, bitcoins or other crypto currency, will probably, eventually, converge on a solution where the possible tx rate is far larger than we can use. Tx rate limiting won't be a feature of any crypto coin that survives. You're just observing the effects of imperfect initial engineering. I wouldn't draw broad conclusions about the impossibility of successful cryptocurrencies based on this current limitation.
- my5thaccount 11y agoI'm not a gold bug, but technology can enable us to use micro or even nano-ounces of gold. We used to use half-pennies too. Canada doesn't even use pennies anymore. Just store both olympic sized swimming pools of gold in the same place and put numbers in accounts that represent the weight owned by the person. We typically think about ounces of gold, but we could go down to the atom if necessary, theoretically anyway.