You are viewing a single comment's thread from:

RE: Please don't change Bitcoin, you'll break it!

in #hero7 years ago (edited)

Actually no. Bitcoin is built on the idea of wasting huge amounts of energy in a glacially slow competition to win a lottery every ten minutes. Modern blockchains don't do that and can thus be eight orders of magnitude more cost effective than bitcoin. That's the difference in speed between a Ford Model T and a starship. Most people who try the exhilarating new technology can't stand to go back to driving a Model T. Bitcoin wastes hundreds of millions of dollars this way annually making it a supremely unprofitable company. Bitcoin exists to make miners wealthy and they will never agree to adopt technology that doesn't need them.

Sort:  

I agree mining is expensive but it started with a purpose. Decentralisation of issuance of bitcoin and that was one of the main incentives of adoption. Now it's becoming a hindrance, but it's naive or even deceptive to claim it'll remain this way. Bitcoin will upgrade when there's consensus. For the time being, the market is happy with the state of the network as judging by the bitcoin price. And once Segwit activates it'll be a matter of time for the Lightning network to be implemented, which will enable thousands of transactions per sec. And the innovation won't end there. It'll never end.