Bitcoin is finished

Bitcoin's original plan was to become a peer-to-peer electronic cash used by the whole world, with large blocks that could allow anyone to write on-chain, as the Bitcoin Wiki page on scalability from 2015 shows:

web.archive.org/web/20150212094459/https://en.bitcoin.it/wiki/Scalability

The vast majority of the various stakeholders supported this plan, and because the Core development team refused to implement the plan, there was a very popular client called BitcoinXT created by another set of Bitcoin developers to institute the hard fork to significantly raise the block size limit.

Everything was going well, with 1. the majority of mining power signalling support, 2. the majority of big industry players signing a letter signalling support and 3. Jow ForumsBitcoin upvoting XT posts to the top of subreddit's front-page, but then Theymos instituted a censorship regime on Jow ForumsBitcoin and banned anyone who mentioned BitcoinXT:

medium.com/@johnblocke/a-brief-and-incomplete-history-of-censorship-in-r-bitcoin-c85a290fe43

So the very high level of support and communication needed to execute a successful hard fork couldn't be attained, and the 'Bitcoin' branding remained with the chain with the majority hashrate, BTC.

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Other urls found in this thread:

coindesk.com/blockchain-token-velocity-problem
nakamotoinstitute.org/shelling-out/
ddex.io/trade/SHOCK-WETH
twitter.com/SFWRedditImages

BTC is pursuing a different scaling plan, that keeps it limited to 300,000 on-chain transactions a day, and a ridiculous second layer solution called Lightning Network, that has numerous fundamental problems that make it a niche product with limited uses.

So with an inability to grow its daily transaction rate above 300,000 a day, and attract more merchants and retail usage, BTC is now a get-rich memecoin, that depends on advocates continually pumping its ability to make people who hold it rich.

It has no utility beyond transferring wealth from later investors to earlier investors, aka a ponzi scheme. It has insignificant utility in actual peer-to-peer commence, because it's limited to 300,000 transactions per day. Every other transaction will have to be done on centralized servers, like exchanges. 99.9% of people will never be able to touch BTC.

Your right, that's why we have RSR.

Well if crypto stands any hope, it needs a complete reset to wash the bad taste out of the worlds mouth.Only solution is for everything to crash to near zero and something to learn from it and rise from the ashes.

It wouldnt be used as a medium of exchange for commerce by the masses. It will be used as a store of value hedge against the market like gold. This can only happen if bitcoin proves its a good hedge in the coming recession and it is publicly endorsed by mainstream people. If huge investors start pouring huge sums of money into btc, we're going to see this shit all over the news

Thanks ranjeesh for this informative copy-paste of years-old narratives, I'm going all in BCH now. This narrative didn't help BCH in the past but I'm confident it will any day now and our social attack on BTC will finally start to gain traction. The important thing is enabling our fellow indians back home to be able to buy everyday goods in decentralized fashion!

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Think about why it didnt help BCH?BCH was a better coin, but BTC is the bIgger NAME, more HYPE.Unfortunatly, name and hype with nothing else 99% of the time comes crashing down to zero.

>Bitcoin's original plan was to become a peer-to-peer electronic cash used by the whole world, with large blocks that could allow anyone to write on-chain,
>BTC is pursuing a different scaling plan, that keeps it limited to 300,000 on-chain transactions a day, and a ridiculous second layer solution called Lightning Network, that has numerous fundamental problems that make it a niche product with limited uses.
>So with an inability to grow its daily transaction rate above 300,000 a day, and attract more merchants and retail usage, BTC is now a get-rich memecoin, that depends on advocates continually pumping its ability to make people who hold it rich.
>It has no utility beyond transferring wealth from later investors to earlier investors, aka a ponzi scheme. It has insignificant utility in actual peer-to-peer commence, because it's limited to 300,000 transactions per day. Every other transaction will have to be done on centralized servers, like exchanges. 99.9% of people will never be able to touch BTC.
this. i've understood this for a few years now. everything will crash to near 0 (with the exception of Resewrve Rights (RSR). they don't scale. it might not be possible to scale a blockchain.

you might wanna add that satoshi wanted everyone to be able to mine btc on their computer.. she didnt account for pools

>-20%
>Bitcoin is dead

yes we know that song

i'm only holding reserve rights (rsr).. but i'm keeping any eye out for blockchains/nonblockchains that can scale.. maybe spacemesh, radix, coda, unit-e, etc.. i have doubts any of them can...