Did you read the words too? What did you think about this part?
Regarding the prospect of growth in value exchange occurring via off-blockchain services: I still think we would expect to see off-blockchain value transfer manifest itself on-blockchain, in much the same way that buy and sell pressure at a single off-blockchain service flows throughout the entire ecosystem. If an off-blockchain service did somehow manage to become an “island” and transact increasing amounts of value without any of the growth showing up on-blockchain… it would be bad for bitcoin on a number of levels.
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the rise of cloud players like Coinbase means that a lot (and I'd think probably most) of the Bitcoin transactions taking place these days are off-chain.
It's ironic that you so often see these comments forecasting how in the future most bitcoin activity will occur in these single authority corrals, or 'cloud players' as you call them. It's really no different from saying "Most people using bitcoin in the future, won't actually be using bitcoin."
So it raises the question of, if the future of using bitcoin is not actually using bitcoin, what is the future of bitcoin?
Regarding the prospect of growth in value exchange occurring via off-blockchain services: I still think we would expect to see off-blockchain value transfer manifest itself on-blockchain, in much the same way that buy and sell pressure at a single off-blockchain service flows throughout the entire ecosystem. If an off-blockchain service did somehow manage to become an “island” and transact increasing amounts of value without any of the growth showing up on-blockchain… it would be bad for bitcoin on a number of levels.
--
the rise of cloud players like Coinbase means that a lot (and I'd think probably most) of the Bitcoin transactions taking place these days are off-chain.
It's ironic that you so often see these comments forecasting how in the future most bitcoin activity will occur in these single authority corrals, or 'cloud players' as you call them. It's really no different from saying "Most people using bitcoin in the future, won't actually be using bitcoin."
So it raises the question of, if the future of using bitcoin is not actually using bitcoin, what is the future of bitcoin?