The resolution of the Bitcoin experiment
Mike Hearn
5.8K329

Mate — Bitcoin is an algorithm dreamed up by shadowy stranger(s) who nobody knows, and it only lives on by consensus of the people who choose to run software that implements that algorithm. You don’t own it.

When smartypants groups self-align and proclaim that “we are bitcoin” and then do a ton of work to change the algorithm… it’s no surprise that they get pissed-off when reality slaps them in the face. They don’t own it. They can’t force people to adopt their ideas. Especially fatally bad ones.

Personally, I think you are wrong. The block-chain is struggling because too many idiots are using it for it’s side-effect (indelible ledger), instead of for it’s purpose (trading coins). Should the blocks be expanded to accommodate all the new idiots? I think no! Let it keep getting worse, until those idiots find a better way to keep their indelible fun, without polluting all the traders while doing so. Maybe you should have thought about the problem harder before you started cutting code. Adding something so everyone can “link” baby subchains/mini-ledgers to one single block transaction would have moved all them and their dumb traffic out of everones way for example.

This bit cracked me up: “ it’s now common to be asked to pay more to miners than a credit card would charge.” (and links to some guy whining about an *optional* 70-cent fee.). Go overseas and use your Visa or Mastercard man: I’ve just got back, and I’m seeing up to 9% net when you add up all the fees and charges (and that’s *not including* the 29% interest) on most of my purchases.

The bit I like the best is the DDoS. You tried to change the algo, and everyone fought back to kill the change. They more-or-less correctly identified your effort as the fatal cancerous growth it would have become, and cured the problem. Super cool :-)

The fact that blockchain has chewed you up and spat you out is proof that it’s alive and well and defending it’s own existence perfectly.

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