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     7 years ago  

    Fees are brutal. $5 Per transfer is rough. I personally think that the blocksize needs increased. BCH has an eight meg blocksize I think. If they aren't careful, the utility of BCH will outpace BTC.

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     7 years ago  

    From what I've read, blocksize increase has 2 downsides. For one, it's a temporary solution. Raise the blocks today, the raise them a little more tomorrow, and before long, they are HUGE. Second, it centralizes the community of nodes. If they get too big, only certain wealthy individuals can run nodes and thus, you have kind of defeated the purpose of a decentralized currency.

    That being said, I am really into the Lightning Network lately. Off-chain tx's that only need to be resolved on-chain when there is dispute. This would allow for smaller tx fee's, faster (instant) confirmations, and potentially millions of tx's per second. It would also unbloat the blockchain.

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       7 years ago  

      It's a temporary solution to a current problem, yes. Let the problem continue or put a band-aid on it until a viable solution is achieved with proper consensus? I vote the latter. The original whitepaper would echo this sentiment as well, you should read it if you haven't already.

      Bitcoin is already pretty centralized and the only players are the ultra crypto-rich, sadly. Gold is kinda cool in regards that it kills off ASIC love and favors the GPUs of the layman, I like that since it brings about more decentralization and takes some power from the powerful.

      I'm still holding out for EOS, haha. TX fees will be a thing of past, as will debates about scalability, TX times, etc. Lightning sounds cool though, for now, until it's obsolete. I need to read more about it.

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       7 years ago  

      Yeah read the whitepaper a few times now. Yeah for sure, EOS sounds really cool. Can't wait for them to get going!

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