I work on Bitcoin and Bitcoin-related software.
#1 is false.
Bitcoin has an artificial transaction cap because it's conservative. It's been raised before and will be raised in the future.
#2 is false, though a different concern is present.
Bitcoin doesn't require a user store the entire chain, older transactions can be pruned. It does need to be sent over the network and processed which _is_ a concern.
Ultimately it shouldn't be the case that every single transaction has to pass through every node but only settlements. Solutions for this are being worked on.
#3 is false.
Transaction fees pay for mining.
I got bored at that point, though it does seem to get more reasonable, because BofE staffers' likely know more about economics than technology. Their comments on the distribution possibly have some merit (but then, I think the 'traditional' wealth distribution is probably far worse than we think it is; it's difficult to know because it's more opaque).
#1 is false.
Bitcoin has an artificial transaction cap because it's conservative. It's been raised before and will be raised in the future.
#2 is false, though a different concern is present.
Bitcoin doesn't require a user store the entire chain, older transactions can be pruned. It does need to be sent over the network and processed which _is_ a concern.
Ultimately it shouldn't be the case that every single transaction has to pass through every node but only settlements. Solutions for this are being worked on.
#3 is false.
Transaction fees pay for mining.
I got bored at that point, though it does seem to get more reasonable, because BofE staffers' likely know more about economics than technology. Their comments on the distribution possibly have some merit (but then, I think the 'traditional' wealth distribution is probably far worse than we think it is; it's difficult to know because it's more opaque).