Core made a big mistake too.

Luckily for you and me there are plenty of Cryptos to choose and use.

Break out the purist belief system.

Let me tell you right up front why I am convinced the Bitcoin Core developement group made a big mistake. Well, while the Lightning Network {LN} and Sidechains might make big blocks superfluous, but that is still future music. Interesting innovations to make progression with the outdated Bitcon sourcecode, going for horizontal scaling. Just to make clear up front I think big blocks, or vertical scaling, is just as old fashioned at the original Bitcoin whitepaper. The current Bitcoin, BTC to me, is merely to be used for holding large value, long term. It is slow and very secure and I am okay paying quite a heavy fee per transaction, as I want to be sure it is almost like carved in rock, when it gets into a block. So, even if Bcash {BCH} will go up in price, it will still be a fraction of the BTC price. That one will soon break trought the 10.000 USD ceiling. Before the end of 2017.

This is how I see Bitcoin Core, BTC, the real high value deal. Even with Lightning Network and Sidechains, the mainchain will move high value BTC around at a steady 10 minute per block speed. Other high speed, high volume transactions will be done by the Lightning Network and Sidechains. But, the thing is, those techniques are not ready yet. LN is extremely complex and has still a lot of challenges that need to be taken care of. Still, the weird thing is that it is possible to do no to low fee transactions with Bitcoin Core, BTC. That to make is one part of the mistake the Core developement team made. BTC can not fullfill being a kind of peoples money Crypto, not even close, just like Bcash {BCH} can not be by the way. Neither of them. Like I calculated before, that would need at least 4 Giga Byte {GB} blocks. Now 8 Mega Byte blocks is not even worth mentioning. To me the mainstream acceptance of Bitcoin, as a replacement payment system, is totally absurd.

It might be possible in the future, but not now, at all. Even to do just the debet and credit card transactions would need a 1 GB blocksize. And I do not mean in a testing enviroment. It will take years even to get to that. Doge is better fitted to do cheap and fast transactions, Bcash {BCH} is not capable of what Dogecoin actually can do. But currently we will need all the Cryptos we can get. No matter what them Bitcoin purists might claim, there is no pratical solution in vertical scaling. As that would need 4 GB sized blocks. So, please stop claiming so, because I am getting a belly pain from laughing. Yet, part of the blunder of Bitcoin Core is to prospone the idea of using bigger blocks, at all. For the time being, to at least get rid off those strange low to nill fee transactions. Because let it be cleary understood that I think Bitcoin, BTC, should become extremely expensive. And the cheap parts should be taken care of by the Lightning Network and Sidechains.

Will HODL BTC Bitcoin.

From my point of view seen I think the Core developement team made a huge mistake by allowing low and nill fee transactions. While the focus on the main BTC blockchain was one for moving high value around. Also to keep the miners happy, as at one point the will have a reason in moving high value around, because of the fees to keep them doing so. Or otherwise an easier, energy friendly, mining protocol might be needed, at least. But as long as the Lightning Network and Sidechains are not ready to be used, there is the challenge of dealing with no to low fee transactions. And I think these almost piling up dustlike transactions should be stopped in a future release. To me it makes no sense to have them on a blockchain, with only supporting 1 MB blocks, needing 4 GB to become a real replacement, while the value per BTC is close to 10.000 USD.

Now, I know that there are those that would like zero to low fee transactions to be possible on the Bitcoin blockchain, but mathematical and logical speaking it makes absolutely no sense at all. Move it out of the Core code, that is one thing. Get done with this myth that it can replace the financial system already, as it can not, right now. But these zero to low fee transactions do pile up. That is bad advertisement and rotten for those who have their transactions stuck because of that myth. And to solve it, while Core makes that needed hardfork to first fix that, is at least 4 MB blocks. With SegWit that makes creates about 16 MB effectively for transactions. When I use DOGE I pay 1 per KB of transaction data. But I can do small transactions with Dogecoin.

When I do Bitcoin, BTC, transactions, it will be high valued ones. That I want to have secured well and I am willing to pay a high transaction fee for that. It secures my investment, that is where it wend too. To me it is a waste of energy and space if no to low fee transactions take place on the Bitcoin blockchain. It will be great to innovate something for one or more sidechains to make this possible. So, do something about it Core, as you do not seem to be ready to put the Lightning Network and Sidechains to gut use. And to make it very clear, again, Bcash can not do it either, 4 GB data of transactions per block. Stop the peoples money myth please and get real. In the meantime I just use DOGE for real cheap and fast transactions.

May the Cryptos be with you!

Go with the flow

Photo cc-by-sa @oaldamster