What do you think the best thing that ever happened to Bitcoin was?
We all need to figure out a way to profit when things turn bad and when things turn good.
Bitcoin in a nutshell — the value is in the demand it’s creating. As long as people buy it, it’s profitable.
Scaling: what is the difference between SegWit2x and SegWit and how is it going to affect Bitcoin’s capacity?
I think the whole scalability thing is a misnomer. The big blocks are not a technical problem for Bitcoin right now. This problem is only going to get bigger. The fact that only a small hashpower does not have a solution is a problem.
SegWit2x is another case where people are trying to use Bitcoin to take advantage of another country to try to solve a problem that doesn’t concern us.
Scaling: what is the best way to get Bitcoin adoption and miners to accept it?
Well, I think it’s the only one that has a chance of succeeding. You can’t just force adoption of anything.
A lot of people think that you can just make a bunch of new transactions in Bitcoin, and if they’re accepted by the network, people will then start using it. That’s just like pushing a baby into a bowl of rice at the start of the world — it may take a few babies to get people to eat it.
That’s not going to be the outcome.
SegWit2x has been discussed for a long time and, yes, it has problems. It’s not perfect and, yes, it’s a different model on some technical aspects, but it’s better than nothing.
What are some of the obstacles that blockchains and Bitcoin have that traditional networks do not?
Blockchain is very difficult to censor — it’s much harder to censor than Bitcoin has been. It’s impossible to censor Bitcoin from any place. It’s hard to censor the blockchain.
This is why Bitcoin is much harder to censor than the US dollar. This is also why the value in Bitcoin is so volatile — in order for it to keep the value up, it has to go up even more.
I don’t see any of these limitations being solved in Bitcoin in the next year or so, or maybe a few more years, but, at the end of this decade, I believe it could be done. That’s the big difference.