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Comment by fluoridation

17 days ago

As the sibling says, the original value proposition of Bitcoin was that it would supplant Paypal and wire transfers. The store of value narrative was a post hoc rationalization by stakeholders when it became clear that it was technically unsuited to serve Internet-wide throughputs. Not only that. I sat in during the meetings around the time of the segwit transition; I think they were debating making the blocks bigger or something. It was amazing to see first-hand how such a relatively minor and technically necessary change could generate so much friction. That was when I realized Bitcoin was never going to evolve in a useful direction, and sevenish years on I see that I was correct, as the block structure is pretty much the same as the last time I saw it.