What is seen is that Bitcoin has quickly risen to $640 at the time I write this. What is not seen is what would have happened had BitcoinXT, Classic, or any of the other scaling via a block size increases had been successful. In reality, we don't know what would have happened, but we can speculate.
- Perhaps due to the limited transactional throughput capacity Bitcoin has at the moment, major players who were considering entering the space, have refrained.
- Perhaps Kakao Talk would have directly integrated Bitcoin wallets into their fifty million monthly active user's apps, rather than just investing in a Bitcoin related company.
- Perhaps major VC firms that were considering investing in the Bitcoin ecosystem directly, decided not to because of Bitcoin's limited transactional capacity at the moment.
- Perhaps existing Bitcoin companies would have been able to raise more money, at a higher valuation.
- Perhaps the mad rush into Ethereum and The DAO would have only been a trickle if Bitcoin had been allowed to scale fast enough to keep up with the current demand.
- Perhaps there would have never been a bitcoin civil war that split the community, with one side censoring the other from even being allowed to state their case in the most popular discussion venues.
- Perhaps my own Bitcoin Core wallet wouldn't have suggested a $35 transaction fee for a single transaction last week.
- Perhaps bitcoin would have been at $1,640, or $2,640 today, instead of $640.
- Perhaps the entire current Bitcoin Core team would have quit, the blockchain would be far too big, requiring far too much bandwidth, and much too expensive of a computer, for anyone to run a full node, and the entire project would be in shambles with mining even more centralized than it is already today.
It is however proof that we are all, small and big blockers alike, still headed generally in the right direction:
I'd like to thank Frederic Bastiat for pointing this concept out to me when I was a teenager.
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