This article has nothing to do with the inflationary or deflationary nature of the currency, this is a problem solely caused by the block size limit, which other cryptocurrencies are free from and don't worry about.
It has everything to do with the deflationary nature of the currency. Its stated so right in their potential solutions:
> Tail emission: stop halvings and allow infinite inflation
The reality that no one wants to talk about is that Bitcoin is screwed and there's no way out of it, because of bad fundamental design.
Increasing block size will only work to solve the problem of Bitcoin's Security Budget if it brings in more usage/transactions; but Bitcoin's adherence to its traditionalist values is what led to the creation of a billion other cryptocurrencies to solve this exact problem, they do solve it, and they experience significantly higher transaction volume as a result. There's no evidence that volume is going to come back to Bitcoin. On the contrary; volume is down on Bitcoin, significantly, the usage these days looks more like 2018/2019. Its not coming back.
It also doesn't help that crypto, in general, is a dying technology.
> Burning dormant coins (e.g., Satoshi’s)
The fact that this is suggested, even as the last possible solution, should scream volumes about where this project and Bitcoin is at. This possibility shouldn't even be on this list. Not only would it do all the things the article says it would do (violate property rights, incite riots); it wouldn't even solve the problem. It would just buy a few years of time.
But as long as the miners have to buy their mining equipment using inflationary US Dollars; they're screwed. The only thing that would keep it going is growth in the usage of the currency, but (1) all growth stops eventually, and (2) even if it didn't, Bitcoin seems designed from day one to inhibit its own growth, because it was designed by an idiot crypto-maxy anarchist teenager who made the predictable software engineer mistake of thinking skill in compsci makes you skilled at everything.
There are more inflationary emission schedules which are safer, and don't rely so much on transaction fees to subsidize mining. For example, look at the constant tail emission used by dogecoin and monero.
827a|8 months ago
> Tail emission: stop halvings and allow infinite inflation
The reality that no one wants to talk about is that Bitcoin is screwed and there's no way out of it, because of bad fundamental design.
Increasing block size will only work to solve the problem of Bitcoin's Security Budget if it brings in more usage/transactions; but Bitcoin's adherence to its traditionalist values is what led to the creation of a billion other cryptocurrencies to solve this exact problem, they do solve it, and they experience significantly higher transaction volume as a result. There's no evidence that volume is going to come back to Bitcoin. On the contrary; volume is down on Bitcoin, significantly, the usage these days looks more like 2018/2019. Its not coming back.
It also doesn't help that crypto, in general, is a dying technology.
> Burning dormant coins (e.g., Satoshi’s)
The fact that this is suggested, even as the last possible solution, should scream volumes about where this project and Bitcoin is at. This possibility shouldn't even be on this list. Not only would it do all the things the article says it would do (violate property rights, incite riots); it wouldn't even solve the problem. It would just buy a few years of time.
But as long as the miners have to buy their mining equipment using inflationary US Dollars; they're screwed. The only thing that would keep it going is growth in the usage of the currency, but (1) all growth stops eventually, and (2) even if it didn't, Bitcoin seems designed from day one to inhibit its own growth, because it was designed by an idiot crypto-maxy anarchist teenager who made the predictable software engineer mistake of thinking skill in compsci makes you skilled at everything.
unknown|8 months ago
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beeflet|8 months ago