We are told by all gurus and pundits that blockchain will change the world and that the future of our economy is in crypto coins. I bought some Ethereum a few months ago, and when I see the value of it go up and down rapidly, by up to 40%, I don’t think this is something we want to base our economy on. Yesterday my coins lost almost half their value, now they are getting back up. But for how long? Or will pundits be right, and will I become a millionaire from just one bitcoin?
I keep a copy of the Ethereum block chain locally. I see how hard it is for my computer to keep the chain in sync, with some 100 transactions per second. Imagine more people using Ethereum, and the number of transactions goes up to 1000 per second, or even a lot higher? What will happen to nodes, struggling to keep themselves in sync? What will happen to the duration of transactions, and the cost of transactions?
I’ll keep my coins, just for the fun of it. I’ll keep syncing the block chain, until it gets too much for my computer. We’ll see.