What you describe here I would call the effective death of Bitcoin.
Michael B. Casey

I think the question here is, can bitcoin survive without having all the characteristics of immutability, trustlessness, limited supply and censorship resistance? Are these all necessary or will an m-of-n situation suffice? I can imagine a scenario where although not ideal, the prevailing properties of an off-chain scaling solution will be significantly better than the current financial system to sustain bitcoin adoption. Moreover, if bitcoin‘s niche is high value transactions, it will still retain value while another cryptocurrency will specialize in handling daily transactions.

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