3 ms·

> I still believe in BitCoin, however. What -exactly- does this mean? Additionally, what does it say about the managers of the project when the Bitcoin Core p

> I still believe in BitCoin, however. What -exactly- does this mean? Additionally, what does it say about the managers of the project when the Bitcoin Core people decide that (because ever-shrinking available capacity means ever-more unpredictable [and gradually-upward-trending] transaction fees) it's better to allow a transaction partner to silently reverse a transaction they made, rather than increasing the maximum block size to keep up with the ever-growing (due to Bitcoin's increasing popularity) transaction volume?

Aqueous 11y ago
It means that the fundamental innovation of Bitcoin - peer-to-peer, trust-less, distributed concensus - is a solid one, even a technological breakthrough. And it means as first-mover in implementing that innovation, Bitcoin will have continued life. It also means that the problem has not reached a sufficient level of urgency that the scales have tipped to the pro-block-size-increase camp, but that I believe it will.
- simoncion 11y ago
  > It means that the problem has not reached a level of urgency that the scales will tip to the pro-block-size-increase camp. Hmm. That's one way to interpret it. Is it true that that -without a max block size increase-, Bitcoin can't process a higher volume of transactions than it processes now? [0] That -in fact- the unpredictable -and generally increasing- transaction fees are a feature of the network designed to shed load -by discouraging "less important" transactions- when the network is at or near capacity? [0] Which is -apparently- somewhat less than three transactions per second. [1] [1] Seriously, think about that for a second. :)
  - Natanael_L 11y ago
    It can scale using federated techniques to merge sets of transactions using things like Lightning Network. But those aren't anywhere near done yet.

3 ms·

> I still believe in BitCoin, however. What -exactly- does this mean? Additionally, what does it say about the managers of the project when the Bitcoin Core p

by simoncion 11y ago

Aqueous 11y ago
It means that the fundamental innovation of Bitcoin - peer-to-peer, trust-less, distributed concensus - is a solid one, even a technological breakthrough. And it means as first-mover in implementing that innovation, Bitcoin will have continued life. It also means that the problem has not reached a sufficient level of urgency that the scales have tipped to the pro-block-size-increase camp, but that I believe it will.
- simoncion 11y ago
  > It means that the problem has not reached a level of urgency that the scales will tip to the pro-block-size-increase camp. Hmm. That's one way to interpret it. Is it true that that -without a max block size increase-, Bitcoin can't process a higher volume of transactions than it processes now? [0] That -in fact- the unpredictable -and generally increasing- transaction fees are a feature of the network designed to shed load -by discouraging "less important" transactions- when the network is at or near capacity? [0] Which is -apparently- somewhat less than three transactions per second. [1] [1] Seriously, think about that for a second. :)
  - Natanael_L 11y ago
    It can scale using federated techniques to merge sets of transactions using things like Lightning Network. But those aren't anywhere near done yet.