the ultimate fate of Bitcoin to be the "high-powered money" that serves as a reserve currency for banks.
"Bitcoin .. needs .. a secondary level of payment[s] which is lighter weight." -- Hal Finney 2010
https://bitcointalk.org/index.php?topic=2500.msg34211#msg34211 …
ht @rextar4444
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Hal Finney & I etc. envisioned (smaller & less co-dependent) "banks", but we have better peripheral n/w protocols now.
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but Satoshi was a BIG blocker, or at least one of the members of the
#SatoshiNakamoto team
#Bitcoin https://twitter.com/ProfFaustus/status/911612714107195393 …This Tweet is unavailable.
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Hal Finney isn't Satoshi. It's also diametrically opposed to what the whitepaper says of Bitcoin becoming P2P cash.
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Can't feasibly scale to visa-like tx volume w/out second layer payments. If you want p2p cash, LN does it, and w/o 3rd party.
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I'd love to see the arguments on why you can't scale to visa levels with a bigger block size.
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1GB only gives you Visa's average level. Daily Visa peak ~4,000tps, yearly peak ~20,000tps. 10GB blocks required!
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and this is just Visa...
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Hal's extraordinary scientific insight seems to keep reverberating within our collective discourse. Props.
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So, can we say there will be more intermediaries, instead of less?https://medium.com/@2W/there-will-be-more-intermediaries-not-less-63a591d4c8eb …
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Like litecoin?
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Oh, ha, never mind. Yes, litecoin
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How about
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Such a great quote. I think most of us assumed this path for BTC and are surprised now that we have to defend it.
Thanks. Twitter will use this to make your timeline better. UndoUndo
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