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But that doesn't take into account that Bitcoin price increases (since we're assuming for the sake of argument that the price will actually reach insane heights
by mpyne 12y ago
But that doesn't take into account that Bitcoin price increases (since we're assuming for the sake of argument that the price will actually reach insane heights again) cause mining hashrate to go up, which causes network difficulty to go up, which is by definition less efficient.
In essence, Bitcoin's harm to the ecosystem is almost directly proportional to Bitcoin price.
- PythonicAlpha 12y agoIt does. The rate of transactions is growing faster than the Bitcoin price.
- mpyne 12y agoMy fingernails are growing faster than Bitcoin's price... the bigger concern is that Bitcoin is already near its practical transaction-per-second. Just a couple of weeks ago there were a few whole blocks' worth of unconfirmed transactions hanging out, and while that may have improved in the meantime it's just a harbinger of problems to come.