"Wait Bitcoin is fast free trans processing. That's the point, right?" Both of those claims have always been lies. Boiler room liked them.
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Replying to @patio11
Bitcoin community now has a bit of a standoff going on between various stakeholders. It will end badly.
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Replying to @patio11
In the first corner, we have the "economic majority", which is what the boiler room calls VC-funded startups theoretically building on BTC.
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Replying to @patio11
The economic majority provides a supermajority of the community's total access to hard US currency and development work in related tech.
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Replying to @patio11
In the second corner we have BTC miners, who are theoretically globally distributed peers; actually a cartel that fits around a dinner table
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Replying to @patio11
In the third corner and fourth corners we have Bitcoin Core. Why is it divided against itself? Well, part of it runs a company that can
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Replying to @patio11
produce a network on top of Bitcoin which can, basically, bundle transactions such that the BTC network can be used for slow settlement.
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Replying to @patio11
The other part of BTC Core wanted big blocks and for the network to grow to accommodate use cases, but they lost that vote and forked Core.
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Replying to @patio11
Here the developers learned that Core cannot be successfully forked because Core is Bitcoin and Bitcoin is Core.
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Replying to @patio11
In yet another corner, we have Ponzi schemes, which are presently hoovering cash money out of the third world through BTC network.
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A Ponzi scheme is a technically outmoded enterprise from back when Satoshi schemes did not exist. Software is eating them these days.
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Replying to @patio11
The economic majority, which still holds lots o BTC (many of them at a 60%+ loss) is essentially hoping Ponzi from 3rd world bails them out.
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Replying to @patio11
In the fifth corner, we have the distributed boiler room. Their services are no longer required. Some made a killing; most lost money.
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