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There are flaws in the current bitcoin/cryptocurrency mechanism that there 'probably' will never be a 'bitcoin standard'.

• randomhodler84 5y ago
  Could you elaborate on those flaws? Your info might not be current on the state of the art. It seems to work almost flawlessly in my opinion.
  • eru 5y ago
    Well, there are economic flaws, I guess? At the moment, bitcoin only supports a very small number of transactions per day. So a bitcoin standard on current technology would likely mostly happen off-chain, and use physical bitcoins to settle balances between exchanges. (Just like historical gold standards mostly used physical gold to net-settle interbank exchanges.)
    • randomhodler84 5y ago
      A small number, yes. There is a block limit at layer1, for now. It is not 2017 and there is a an appetite to grow it when the need arises. It’s about precedent, and the longer we can go at 1MB with vbyte discounts for newer more efficient tx format incentives — the less centralized this will be in 10 20 50 years. However it Hasn’t been a problem for years tho, blocks are very rarely full for long periods. And with layer2 protocols — we are just getting started! https://lightning.network/ https://lightning.network/
  • i67vw3 5y ago
    The working of cryptocurrency is flawless, but the current mechanism or the way it works has some flaws in my opinion. Like the Nakamoto consensus mechanism, how the actual code runs, who has and does not have the right to modify the code, does the code after being deployed on the mainnet needs to be modified in the first place, does the code needs to be fixed-static-immutable, governance (51% limit), POW vs POS vs different types of POS etc. I will write it in detail on my blog and post it. The basic theory is in my head, I just need to write it down properly.