Looking at all these pessimistic comments I can't help but wonder if this is what the op eds in the newspaper looked like while the internet was being built. "its too slow, and even with our best compression transferring a movie would take a month. Not gonna happen. Computers are too expensive for most households." etc.
If you want to keep middle men in between most things that we could potentially do programmatically, thats cool. I'm on the hype train.
- low tx rate? not for long
- high computational cost? Security feature. Makes fraud/hacks very expensive. If you think energy conservation is more important, other chains don't have this cost (proof of stake).
- high node storage cost? mining fees & block reward more than outweigh this. not everyone needs to run a full node (but anyone can).
- no way to reverse transactions? feature. you can always add arbitration / escrow. openbazaar does this very nicely
If you go the traditional route, you will always have a company in the middle, taking their cut or selling you out behind the scenes.
If you want to keep middle men in between most things that we could potentially do programmatically, thats cool. I'm on the hype train.
- low tx rate? not for long - high computational cost? Security feature. Makes fraud/hacks very expensive. If you think energy conservation is more important, other chains don't have this cost (proof of stake). - high node storage cost? mining fees & block reward more than outweigh this. not everyone needs to run a full node (but anyone can). - no way to reverse transactions? feature. you can always add arbitration / escrow. openbazaar does this very nicely
If you go the traditional route, you will always have a company in the middle, taking their cut or selling you out behind the scenes.