My biggest takeaway from Thursday's meetup was the feeling that this movement is still in it's infancy. If you understand PoW you're in the tiniest minority. Perhaps less than 10,000 people on Earth really get it.
Would like to hear your understanding of PoW. I don’t want to be part of the not less then 10,000.
The Narrative is - running one's own node is essential to Bitcoin's decentralization. The truth is literally the opposite. Nodes having power allows a single entity to attack via fakes
If dummy nodes were given power there would be an easy attack vector for a centralized entity. This is what happened with segwit. Attackers stuffed the ballot box. That's "democracy"
A node must contribute work, not just hold a copy of the blockchain. No work = no power. Dummy nodes can be faked on the cheap so they should be ignored.
How will the power of mining nodes change once all the Bitcoin has been mined? Also, how will the power of mining nodes transform as the block reward becomes less and less?
If there's not enough transaction activity on-chain generating many small fees in balance with frictionless value exchange utility etc. Bitcoin will die.
So as the block reward lessens the miners will seek profit from trx. fees. If the trx. fees do not make them a great enough profit to justify running the machinery then game over.
Exactly. Massive world wide adoption or bust.
Would u say then. that this is why companies like CoinGeek & nChain are advocating for 0-fee trxs. in order to maybe lure in new users and spark more on-chain activity. Prep. 4 future.
It's also why the banking cartel has Blockstream and armies of trolls shilling(and price pumping) for bad solutions and attacking CoinGeek, nChain and bitcoin.com. No adoption = death
That's THE reason they're doing it. Bitcoin is like a living organism. Earliest growth stages need to go well or it'll never make it to a thriving adulthood. It's not a honey badger.
a living organism that is still a baby, it needs to connect with the environment... feel its way if you like. Be received so it can grow.
If they really wanted to make BTC win by merit they'd clear 0 fee tx's.
