The state of Bitcoin

December 2017 ยท 2 minute read

Bitcoin is currently not what Bitcoin was when it was created.

Slow peer-to-peer transactions. High processing fees.

Average fees are approaching 40 dollars. That’s an average. Unconfirmed transactions are at an ATH of 260k… has been at over 100k for weeks. The mempool is also at an ATH. The Bitcoin is crippled and nothing more than a “store of value”. Sentences like “store of value” are now the term used to describe Bitcoin. Very far from what the Bitcoin used to be.

I think there is a real possibility of a “death spiral of the blockchain”. Fees will increase and it will become impossible to move coins on the blockchain besides the upper 10% of bitcoin holders.

The fork that occurred on 1st August created Bitcoin Cash. This fork is much closer to what the Bitcoin was. Bitcoin Cash is this today. Removal of the segwit code (which hasn’t solved anything), disabling of RBF (replace-by-fees) enabling 0-confirmation transactions again. A new DAA (difficulty adjustment algorithm). Finally increase the block size to 8MiB.

The Bitcoin has been crippled on purpose by Blockstream deep in the pockets of bankers and insurance companies. Blockstream is the main contributor to the Bitcoin development. Look at the sponsors;

Before the bankers, and their followers, got indirectly involved in Bitcoin development there never was any discussion about limiting the block size to 1MiB; in fact the opposite was discussed. See;

Now all of this has led to a complete divide and clusterfuck of the community. It is an very ugly and toxic environment and it is sad to look at. On top of that we now have thousands of alternative coins and blockchains.

Just my 2 cents ;) Happy Christmas and new year to all!