It is not a scam - but it is a scam enabler. Yes, it was in a bubble that deflated. It is worthless, wasteful, and unusable and will remain so at any price.
In my reading, in regard to the general problem of decentralized payments design. Let's see what the refs say!
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The Bitcoin transaction rate — which was the subject of this thread — is essentially the same regardless of whether there are three miners or 3,000. Nick’s points about decentralization are tangent here.
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You called it a "massively decentralized" system, which is not true.
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