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> no one knows for sure, it's still too early to tell. This is true, no one knows for sure. But I am betting against bitcoin here. At some point the fees are j
by cowtools 4y ago
> no one knows for sure, it's still too early to tell.
This is true, no one knows for sure. But I am betting against bitcoin here. At some point the fees are just too high and it become prohibitive towards most people using it at all. So despite the fact that the fee/tx is higher, the total fees collected are lower than an equivalent cryptocurrency with more L1 bandwidth.
As the article I posted says, the real problem with bitcoin here is that the "L2" systems like the lightning network reduce load on the "L1", but also you need the "L1" to collect enough in fees to keep "L2" secure (and that's with L2 middlemen taking their own fees). It is a very delicate balancing act.
>the papers suggest it's possible to update the protocol/consensus to detect and thwart that type of attacks, and while Bitcoin is slow moving, it's not static and there's still plenty of time to find a decent fix to that issue.
Yes, it is quite possible to make these technical improvements to bitcoin. But it may be socially infeasible to convince bitcoiners to do this. The BTC/BCH fork was quite disastrous: not because it forked the cryptocurrency, but because it forked the community. The remaining BTC community is strongly anti-hardfork (they are opposed to any non-reverse-compatible changes). The part of the community that was proactive about change died with BCH. But attitudes may change, who knows really.