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Goldman Sachs Report Explores Use of Bitcoin as Currency

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Re: Goldman Sachs Report Explores Use of Bitcoin as Currency

#221
post #217

Earlier quoted context omitted.

You arent answering the question. Who backs the state?

The question is irrelevant, there is a clear difference between the 'backing' of a state which can manipulate the currency supply directly and the backing of entities that cannot. You claimed that bitcoin's backers have the same power as the state. They do not. End of story.

No I claimed that they have the same function. Neither of them can secure against defaulting completely but the function is the same. There is enough inertia in the bitcoin network enough people with most of the bitcoins gotten at a very low price and holding, other words there is a base.

So no it's not irrelevant it's the very core of this discussion.

Re: Goldman Sachs Report Explores Use of Bitcoin as Currency

#222
post #193

Earlier quoted context omitted.

Literally the comment above: > On-chain scaling is not sustainable. If you want to handle as many transaction as for example Visa, you would need 1 GB blocks every 10 minutes, which would make the whole blockchain heavily centralized because regular users won't be able to host full nodes to validate payments.

Do we have most of regular users validating payments today? Not really, especially considering that most of the tx happen on exchanges, off the chain.

The way things are today and the way they need to be to ensure a censorship-resistant secure public ledger are not the same. Core is working toward that, security is first priority, then optimize performance after that.
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