Still, the core problem here is not that Bitcoin is being used to represent frog images per se, but that its value as an efficient, intermediary-free settlement system for transferring value of all kinds is undermined by blockspace congestion. (As CoinDesk columnist David Z. Morris wrote this week, Bitcoin would be experiencing the same problems if, as its advocates hope, millions more people were using Bitcoin for monetary purposes.) That’s where the governance conversation needs to be focused.

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Author: Michael J. Casey

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