Jordan on Nostr: Perhaps, in my case, I heard about Bitcoin when it was like $200, and still a ...
Perhaps, in my case, I heard about Bitcoin when it was like $200, and still a mysterious online money that no one knew about.
But I will agree that maybe NGU does attract people to Bitcoin in a way.
A fair portion of that stuff I researched outside of Bitcoin but it was kind of overlap, I was researching it slightly around the same time I dabbled with Bitcoin.
Perhaps, I should’ve said trade-offs instead maybe, not faults but Bitcoin can be a little rough around the edges at times in my opinion.
I did not know about the photography stuff 😃.
It’s a fair point, decentralization is important, and that can be forgotten at times.
Personally, I think block size is a non-issue since bigger centralization issues currently plague Bitcoin, and hard drive memory is cheap technically speaking (perhaps, not in practice at scale) but in the short term hard drives with decent sizes are affordable.
Though, I also understand that Bitcoin does have a stronger network effect than its hard forked alternative, so a real comparison can’t be made (yet).
Since that’s true Bitcoin gets utilized more than Bitcoin Cash, and so perhaps in Bitcoin’s case bigger blocks could be problematic since the blockchain would grow more drastically but I’m not here to debate that since it’s already been settled, and people are free to choose their block sizes if they want to.
I feel like some changes could be beneficial to Bitcoin but again there’s multiple blockchains so I can utilize the ones with the trade offs I’m willing to accept.
It’s hard to say how a more scalable or higher throughput layer 1 would impact Bitcoin, personally I think it would benefit Bitcoin as a cash system but like you said Decentralization is a factor that needs to be accounted for.
I won’t comment on the supply trade off since in the short run it hasn’t become a problem yet but in the long run it could become more difficult to transact.
And not saying a higher supply cap, or unfixed supply caps addresses the issues but I think for Bitcoin 21 Million is an acceptable trade off because if it ever becomes unobtainable*, uncirculated, or in low supply then I would utilize other blockchains, or mechanisms (like lightning, etc.) that would help counteract that.
Bitcoin’s supply cap is its least pressing issue, & doesn’t need to be addressed immediately.
But I will agree that maybe NGU does attract people to Bitcoin in a way.
A fair portion of that stuff I researched outside of Bitcoin but it was kind of overlap, I was researching it slightly around the same time I dabbled with Bitcoin.
Perhaps, I should’ve said trade-offs instead maybe, not faults but Bitcoin can be a little rough around the edges at times in my opinion.
I did not know about the photography stuff 😃.
It’s a fair point, decentralization is important, and that can be forgotten at times.
Personally, I think block size is a non-issue since bigger centralization issues currently plague Bitcoin, and hard drive memory is cheap technically speaking (perhaps, not in practice at scale) but in the short term hard drives with decent sizes are affordable.
Though, I also understand that Bitcoin does have a stronger network effect than its hard forked alternative, so a real comparison can’t be made (yet).
Since that’s true Bitcoin gets utilized more than Bitcoin Cash, and so perhaps in Bitcoin’s case bigger blocks could be problematic since the blockchain would grow more drastically but I’m not here to debate that since it’s already been settled, and people are free to choose their block sizes if they want to.
I feel like some changes could be beneficial to Bitcoin but again there’s multiple blockchains so I can utilize the ones with the trade offs I’m willing to accept.
It’s hard to say how a more scalable or higher throughput layer 1 would impact Bitcoin, personally I think it would benefit Bitcoin as a cash system but like you said Decentralization is a factor that needs to be accounted for.
I won’t comment on the supply trade off since in the short run it hasn’t become a problem yet but in the long run it could become more difficult to transact.
And not saying a higher supply cap, or unfixed supply caps addresses the issues but I think for Bitcoin 21 Million is an acceptable trade off because if it ever becomes unobtainable*, uncirculated, or in low supply then I would utilize other blockchains, or mechanisms (like lightning, etc.) that would help counteract that.
Bitcoin’s supply cap is its least pressing issue, & doesn’t need to be addressed immediately.