RE: Why I Stopped Adding Bitcoin To My Portfolio

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Why I Stopped Adding Bitcoin To My Portfolio

in technology •  7 years ago 

I'm not sure if I am reading what you wrote wrong or if there is a misunderstanding. Miners and node operators, those that keep track of the confirmed blockchain and pending transactions, are different. When you have a block that is 300MB that means every 10 minutes a miner has to download that per asic. Lets say a small operation has 100 units. Thats 29.29GB every 10 minutes. The slower your internet the further behind you are. Those without solid high speed internet speeds will not be able to keep up anymore. Large corporate operations will be able to work with that. Then take your node operators. Not only will they have to hold that in the mem pool (not all of it but some) but every 10 minutes they have to add all that to hard storage to maintain the history of the ledger. And thats the whole block chain. So a new node operator who starts many years/decades into it will spend months catching up. Provided they have the internet to do it.

I by no means disagree with the fact that bitcoin fees are crazy high and do need to be dealt with. I am not a programmer but I also dont see why a slight increase of block size while working on other solutions would not help.

I feel I am a fairly realistic person. I mine and rarely trade. Half of my portfolio is BTC, then about 30% is BCH then alt coins in the remaining 20%. And as someone who does regularly have to spend cryptocurrency I find myself converting into whatever is accepted by the merchant. With bitmain its BCH but with a lot of online cloud services its BTC. Also with keeping a diverse portfolio when the market shifts I take a little less of a hit (hedging).

Also with the video, I did see that and decided to dive a bit deeper into it. I’ve come to find it may be a bit questionable and misleading. Yes in sense that can be how it works but it doesnt take into account anything else being added such as atomic swaps and how a liquid market with bitcoin as the source works. I’ll see if I can find some of the stuff I’ve learned about the lightening network that may shed some light on a different view point.

And certainly if you have more about it I’d love to see. I’ve been following you on twitter for a while. I’ll be following on steemit too.

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