#Bitcoin needs to change for its ethos to scale
My first article with nostr:npub1t8a7uumfmam38kal4xaakzyjccht4y5jxfs4cmlj0p768pxtwu8skh56yu
https://bitcoinmagazine.com/culture/bitcoin-cannot-reach-the-world-if-it-doesnt-change
Discussion
Scary but of course important matters to discuss!
I don’t share your thoughts. You want bitcoin going from 0% adoption to 100% overnight. However Bitcoin doesn’t care about each of our individual thoughts. It’s a free market of individual decisions that will lead us to the best collective future. It’s a slow process, and that’s where most of the people fail. You need to align your incentives to think long-term rather than short-term. Bitcoin doesn’t need to change to increase throughput, or to be more programmable. Bitcoin has to be uncensorable and predictable, produce a block every 10mins, and we’ll figure smart ways to build on top.
What needs to change about it ?
I think there’s a flaw in your argument. If the transaction fee goes up, more miners enter the picture, pushing the transaction fee back down while inherently increasing decentralization. It’s a self balancing ecosystem. That’s the genius.
That only applies assuming the usage never changes.
The genius is in the permissionless nature - which also means you can't stop people from creating new ideas like ordinals/brcs/whatever that materially affect everyone using the chain.
There's a greater than zero chance that eventually we live in a world where fees are permanently high - which could also wreak havoc on the lightning network.
"What if the spooks (government) want you vehemently against any further changes to Bitcoin so that our only viable long-term scaling options are banks they can try and regulate and capture?"
Good read - thanks Michael!
You should just totally eliminate the first part of the article where you try to qualify where your knowledge is limited. Your insight doesn't need that caveat. 🧠
I love that you're standing up and proclaiming this where you know there will be pushback. It's not like you're advocating for tipping the apple cart. You're advocating for attention and consideration. ⚡️
Nice