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I like what El Salvador is trying to do but isn’t BCH better suited as an every day medium of exchange because of the larger block size and the ability to proce

I like what El Salvador is trying to do but isn’t BCH better suited as an every day medium of exchange because of the larger block size and the ability to process more transactions per unit time? Also, it seems to me that we should be settling to a BTC/BCH price that is at least loosely coupled to the energy costs of mining, no?

Laaas 4y ago
I don't think there's any point or future in the forks that simply change the block size or other similar parameters when the Lightning Network [0] exists (i.e. state channels). In fact, I can't think of a better choice than Bitcoin. All PoS blockchains I know of are fundamentally broken in at least one way (however that might change with [1]), Bitcoin is good enough for payments, and the alternatives that support smart contracts usually utilise a broken ledger model (account model [2]). The remaining blockchains are very niche, hence there isn't any viable alternative to Bitcoin AFAICT. Disclaimer: I work with Cardano [0] https://en.wikipedia.org/wiki/Lightning_Network https://en.wikipedia.org/wiki/Lightning_Network [1] https://eprint.iacr.org/2022/1448 https://eprint.iacr.org/2022/1448 [2} https://iohk.io/en/research/library/papers/chimeric-ledgers-translating-and-unifying-utxo-based-and-account-based-cryptocurrencies/ https://iohk.io/en/research/library/papers/chimeric-ledgers-..., https://iohk.io/en/research/library/papers/utxo-vs-account-based-smart-contract-blockchain-programming-paradigms/ https://iohk.io/en/research/library/papers/utxo-vs-account-b..., if you want to know about the differences
systemicdanna 4y ago
It’s using a lightning network for quick transactions.
chromatin 4y ago
There is a long history of the "Block Size wars," and there are many arguments that I won't repeat or summarize here. Two of the most important (IMO) however, are: 1. Small blocksize permits anyone to run a full validating Bitcoin node with minimal consumer hardware (including a Raspberry Pi). 2. As the block subsidy decreases, fees will become more and more important component of miner revenue; gigantic (or taken to the logical absurd, unbounded) block size means no fee market will emerge.

Laaas 4y ago

I don't think there's any point or future in the forks that simply change the block size or other similar parameters when the Lightning Network [0] exists (i.e. state channels). In fact, I can't think of a better choice than Bitcoin. All PoS blockchains I know of are fundamentally broken in at least one way (however that might change with [1]), Bitcoin is good enough for payments, and the alternatives that support smart contracts usually utilise a broken ledger model (account model [2]). The remaining blockchains are very niche, hence there isn't any viable alternative to Bitcoin AFAICT. Disclaimer: I work with Cardano [0] https://en.wikipedia.org/wiki/Lightning_Network https://en.wikipedia.org/wiki/Lightning_Network [1] https://eprint.iacr.org/2022/1448 https://eprint.iacr.org/2022/1448 [2} https://iohk.io/en/research/library/papers/chimeric-ledgers-translating-and-unifying-utxo-based-and-account-based-cryptocurrencies/ https://iohk.io/en/research/library/papers/chimeric-ledgers-..., https://iohk.io/en/research/library/papers/utxo-vs-account-based-smart-contract-blockchain-programming-paradigms/ https://iohk.io/en/research/library/papers/utxo-vs-account-b..., if you want to know about the differences

systemicdanna 4y ago

It’s using a lightning network for quick transactions.

chromatin 4y ago

There is a long history of the "Block Size wars," and there are many arguments that I won't repeat or summarize here. Two of the most important (IMO) however, are: 1. Small blocksize permits anyone to run a full validating Bitcoin node with minimal consumer hardware (including a Raspberry Pi). 2. As the block subsidy decreases, fees will become more and more important component of miner revenue; gigantic (or taken to the logical absurd, unbounded) block size means no fee market will emerge.