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Anonymous Tue, Feb 6, 2018 05:28:32 No.7369335 [Reply] [Original]

>Bitcoin is “as good as useless” and has no future as a tradeable currency says Emil Oldenburg, the co-founder and CTO of bitcoin.com, one of the world’s largest bitcoin websites.
>Oldenburg has sold his bitcoins and believes others will do the same when they realize how illiquid the market is.
>He says bitcoin’s drawbacks are high fees and transaction lead times a heated topic of discussion in the community today and resistance to change from people running the old bitcoin network.
While buying, selling or trading bitcoin is not an issue today, Oldenburg says, problems surface when bitcoin transactions are recorded on the blockchain, the digital ledger that records each transaction.

There’s only a limited amount of transactions per second you can make in the bitcoin network, which in part depends on the “block size” of the memory that store the transactions on the blockchain. This bottleneck makes for a highly risky and illiquid cryptocurrency, Oldenburg says, adding that “the old bitcoin network is as good as unusable.”

The reason why bitcoin holders haven’t understood these risks, according to Oldenburg, is because most have so far only bought the cryptocurrency but never sold or traded with them.

“As soon as people realize that this is how it works, they will start to sell,” he says to Breakit.
Even though these “up to 12-hour transaction lead times” (when moving bitcoin to and from exchanges) could be adressed, Oldenburg sees no signs of change, because the currency is purportedly being run by the ”old” bitcoin network, the members of which he calls “fanatical bitcoin talibans”.

”[They] want things this way. They see bitcoin as a digital gold and a technical experiment, as opposed to something you can actually use.”

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