Two days ago I posted my thoughts regarding fixing crypto, I wanted to add a PS.
Hopefully, the community may someday make the changes needed to fix BTC, et al. I am not a coder or miner. In order to remedy any problem, however complex, you must first acknowledge what causes the problem. I would be first to admit that my solution/s may not be THE solution, but we need to begin the dialog somewhere. I will also admit that my understanding of coding and what is possible in blockchain is limited, but thankfully it grows daily because of my dear friend, Jon.
It occurs to me that the constant forks of Bitcoin may well be a reaction to a problem that does not, or should not exist.
When I suggested writing limits into the code of the BLUE CHIPS to help solve both the corrupt exchange problems and also the endless stream of ICOs, I left out something important.
The community (miners/tech) is constantly trying to solve the block size and transaction rates of Bitcoin. I see BTC as a store of value like gold. I own gold, but I neither buy things directly with it, nor do I think of it as a currency. Therefore, like gold, transacting in BTC is difficult and slow. It needs to be. That’s the idea of gold or a store of value. I can easily get to the money in my wallet, the money in my vault presents another layer of difficulty altogether. In my case, not only do I understand the low hash rate of BTC, I require it. Therefore, it seems to me that the community is continuously trying to make BITCOIN into a settlement currency by curing a condition that may well be the very thing that makes BTC strong.
BTC Speed - It Doesn't Need to Get Faster
Has it occurred to anyone else that you can never make BTC fast enough, nor do you need to? With every attempt to fix BTC by hard and soft forks we get a more diluted BitCoin, which becomes less capable of holding value with each new iteration? This entire crypto community, miners, companies, and investors need to decide whether BTC and Ethereum are trading mediums or currencies. Decide that and you may resolve all the current thruput (tx speed) and volatility problems with BTC. A token like eBTC is MUCH more equipped to handle the transactions, whether micro or macro; versus BTC. (You can’t send $1 worth of BTC without wasting .42 in transaction fees.)
BTC Pairs - How it clogs the pipes.
The parade of new ICOs is endless. Every week there are more and more BTC trading pairs. Every time BTC, LTC or ETH is used in a swap for some stupid ICO the hash rate load on the BLUE CHIPS increases geometrically. How can we build out and integrate currencies for commerce when they are being used for purposes diametrically at odds with that mission? We are working every day, creating BTC Cash, ETH Gold, LTC Platinum, Mickey Mouse, Goofy and Daffy in order to support corrupt exchanges simply to facilitate listing new batches of worthless ICOs. BTC has become a tool, not for commerce, but for endless pyramid schemes.
A Thoughtless Situation
Think of the dichotomy. We all want BTC and company to become world transaction currencies. But we are exhausting ourselves trying to have them keep pace with transaction demands needed for people to buy billions of generally worthless cryptos. We are making it easier for one class of sophisticated manipulators to steal from the very people whose support we need to succeed in having the world adopt digital currencies. Now add to that the fact that almost daily, some hack of an exchange or another zero utility ICO whose code was written by neophytes simply to get rich quick; collaterally crashes the markets worldwide. We are the enablers of that chaos. Imagine if tomorrow all the BTC trading pairs for junk ICOs were gone?
Crypto 2.0 - Blockchain 2.0
Imagine too if we could show the retailers of the world a fully developed, well reasoned settlement system, BTC (gold), ETH (silver), LTC or eBTC (the dollar/world reserve settlement currency). eBTC can clear 255 transactions in one, all with the speed of ethereum's network, and all for a fee equal to what you would pay for a single ETH transaction. Throw some Monero (or another anonymous iteration) in for anonymity when necessary. All of these coins are sufficiently developed in their current forms to collectively be a real monetary system, all tied to BTC.
A New Approach
Together this model can support the integration speeds needed today to meet the demands of the transaction loads that would be associated with the incremental integrated adoption by B2B, C2C, and B2C commerce sectors. Believe it or not, it would be large companies first to see the utility of stable crypto and adopt it. After all, its not like everyone, everywhere would accept crypto all on the same day. Then the larger retailers would come. Online markets understand the digital world and would most likely follow quickly. History pretty much guarantees the transaction rates will evolve and resolve thru the introduction of new code and tech, and probably at just the rates necessary. It’s funny how the world conspires to give us really smart people at just the right times to solve problems tomorrow that seem insurmountable today. But none of this will happen because businesses are not speculators.
Currently - Who The F__K Would Adopt Blockchain Tech as a Co?
What business person, who is not insane, is going to do commerce in a currency that can lose 40% of its value before the transaction is complete? I simply do not think the people driving crypto understand how the world really works. It will not wait for us to understand our own problems and fix them. What is happening right now is a form of denial. The problems and their causes are right there to be seen. We are not going to wish crypto acceptance into being. We are not going to vote it in on social media.
Yes, worldwide crypto adoption will eventually happen, just not until the geniuses start listening to the grownups in the room. I don't know about you all, but I cannot recall the crypto community reaching out to the detractors of crypto and asking what they think would make crypto mainstream. Nope, we just make it less mainstream every day. The day BTC becomes as stable as the dollar, we won’t ever have to ask "when?" again. When WILL be then.
What YOU Can Do
A great step forward in helping this happen would be to break all the trading pairs between the junk and the BLUE CHIPS. This alone would free up billions of transactions daily. Just consider that every time a person buys crypto X with BTC it’s a BTC transaction that is not furthering the purpose or destiny of BTC, or cryptocurrencies. Also, consider that most of the junk ICOs screwing up Crypto are pretender currencies that their creators have told all their investors will be the next BTC.
When I was in business, I can’t remember ever throwing my competitors lifelines. My motto was: if a guy wants to burn his building down around himself, offer him a match. All these trading pair transactions are actually anathema to the entire Satoshi idea of a digital economic model. He was not creating a junk bond trading token. Nor do I think he was trying to create a cancerous ICO gene to infect crypto. Remember, anyone can play a numbers game. Jon made 2k off of Ember Coin in minutes, yet it has no intrinsic or utilitarian value. He could have repeated that trade 200 times. He didn't, he instead opted for eBTC, a REAL token, with REAL use and potential for worldwide adoption.
Let's break the chain and free BTC and company. No more junk cryptos, no more corrupt exchanges, no more crooked manipulators. Think of the possibilities......
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