sigh.
I don't even know why I'm responding here. People's minds are clearly made up, and people's lines are clearly drawn.
Full disclosure. I yelled pretty loudly last year that I thought the block size needed to be raised. Some agreed; others didn't. That's okay. It's not a decision for one person, whatever I think of the quality of my assessment.
I watched blocks start filling up, and on some days there was a very large backlog of transactions. People were still arguing about the block size increase.
The camps started to regard each other as enemies and accuse each other of trying to destroy Bitcoin. Still no block size increase. Arguments only growing hotter.
People started to openly threaten each other, with schemes to deliberately subvert consensus and plans to engage in deliberate double spends and other scamming behavior held over one another as threats.
Some asshat started blowing something like $60G per week (unless it was a miner - in which case they may or may not have broken even on the increased fees that legitimate transactions were paying) just to stuff the block chain - either because of an enormous financial need to influence the block size decision, or because hey, if we can make them compete with each other more for the fixed amount of space available, it's profitable. Community could have had any number of constructive responses but instead just started howling and blaming each other.
At about this time I gave up on the community and sold my coins. If the people driving the decision were functional and worked together, or even if they had been discussing the problem in good faith, I would still be a believer even if block size didn't immediately increase. But that's not what happened, and I've seen too many other cryptocurrency ideas die horrible deaths. Digicash, Ecash, E-gold, Beenz, etc... All kinds of things that existed before the Nakamoto Consensus Protocol was invented, showed up and died. Most of the centralized or owned ones wound up in court. The few "decentralized" schemes (which still required a central authority to control userIDs because they were focused on reavealing a userID if AND ONLY IF that user attempted a double spend), died of non-participation as people didn't bother dealing with a gatekeeper. And a couple of other systems that might have succeeded, died of toxic communities and an inability to work together to solve problems. IE, of exactly what is happening here.
This one got further than any of the others, and a lot of non-cryptography people have heard of it where most never heard of the previous ones. So writing it off was a real shame. But I have not recently seen any reason to believe this community is going to start working together to reach any consensus, and in the absence of any willingness to try, it's simply a poor investment. And the technical problem with scale is real. I haven't seen any worthwhile approach to dealing with it - not the one I suggested nor any of the others.
So... I'm out. And I'm pretty sure I'm not the only one.
No mention of segwit's effective blocksize/tps increase? Not sure if honest oversight or intentional deception....
Sorry you couldn't cope with the unbearable economic reality of cosmic background spam and $0.05 tx fees for using (the premiere) Magic Internet Money.
Actually it's a relief to read this, as it signals a bullish capitulation from the "MOAR RIGHT NAO BECAUSE FREE TX4EVA" side of the debate.
Granted Cryddit is a crypto Greybeard and I'm just a smart-ass troll (albeit one who likewise watched "Digicash, Ecash, E-gold, Beenz, etc..." come and go) but none of Bitcoin's antecedents came close to providing the revelatory, world-changing potential I saw when first reading Satoshi's Holy Whitepaper.
I still feel the same inspiration, and my optimism is trending higher than ever thanks to the antifragility demonstrated by Bitcoin's successful resistance to the Gavinista governance coup (and implied contentious hard fork).
My greatest regret in this matter is not buying some collectible Golden Age BTC from Cryddit (a suspected Satoshi associate/member) when I still had the chance.
In both of our cases, Bitcoin is once again the Devil's way of teaching economics to nerds.