Hacker News new | ask | show | jobs
by hggh 778 days ago
> Bitcoin was designed as an investment vehicle

Please read the whitepaper [0], at least its title

[0] https://www.bitcoin.com/bitcoin.pdf
1 comments
scotty79 778 days ago
I guess it was lucky that it was designed quite badly for the stated purpose and it was actually designed as investment vessel.
link
hggh 778 days ago
Bitcoin (BTC) worked perfectly as currency in the beginning, until Blockstream took over the development team, and they decided to keep the temporary anti-spam 1MB block limit, making 0-confirmation transactions (instant payments) very risky by implementing return-by-fee (which make transactions reversible before getting confirmed), etc.
link
scotty79 777 days ago
It's the miners and users who ultimately decided if the 1MB block limit should be kept.
link
hggh 777 days ago
Then the miners are clearly smarter than the users
link
scotty79 777 days ago
Why? They decided the same. Both miners and users favor the fork where the 1MB block limit is kept.

Bitcoin Cash and Bitcoin Gold are used and mined very little.

link
hggh 776 days ago
Miners mine whatever is most profitable for them, regardless of how good or bad is that cryptocurrency, and they switch between BTC, BCH or any other SHA256 (not Bitcoin Gold, which uses a different hash function) even many times in a given day.
link