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How does it scale when a block can only contain about 3,000 transactions?
by foepys 6y ago
How does it scale when a block can only contain about 3,000 transactions?
- EGreg 6y agoIt doesn’t. Proof of work is the wrong architecture. We started https://intercoin.org https://intercoin.org to solve the problem. Others started other projects. But it doesn’t do anything to demand for Bitcoin because nearly all of it is for Bitcoin as a store of value and deflationary investment that will go up, up, up. Yes it was called a cash system in the original whitepaper - but somewhere around 2013 the narrative shifted from Peer to Peer Cash to Store of Value. And it has stuck. This is a copout but it works! Bitcoin has all the features to be a great store of value and nothing more... Bitcoin is now a store of value and you dont need it to scale if once in a while someone wants to move $50K from their savings account to their checking account to actually use. They can also have Nexo, BitPay etc as debit cards backed by BTC reserves. So why do you need Bitcoin to be a good currency too?
- charcircuit 6y agoIt doesn't. Bitcoins themselves will eventually be migrated of the bitcoin network so that they can be used with the rest of the defi ecosystem.
- EGreg 6y agoIt won’t matter because the remaining “unstaked” bitcoins will be worth even more so all mining rewards will be worth even more - get it?