3 ms·

As one observer to another, I have a strong feeling that the debacle between raising the block-rate versus not raising the block-rate will end up similar to Mt.

As one observer to another, I have a strong feeling that the debacle between raising the block-rate versus not raising the block-rate will end up similar to Mt. Gox. The true charlatans will be exposed and may make out like bandits, while the fools who defended them so vigorously will suddenly become dead quiet. Wash, rinse, repeat.

CydeWeys 11y ago
Personally, I'm leaning slightly in favor of increasing the block rate to 2 MB, for what it's worth. But I wouldn't risk fracturing the ecosystem to do so. I consider the opinions of the Coinbase CEO to be ill-considered and foolhardy, and here is a good reason as to why: https://medium.com/@bramcohen/double-billing-is-not-healthy-competition-b698c345b11e https://medium.com/@bramcohen/double-billing-is-not-healthy-... I also don't see many parallels to the MtGox implosion. There is no outright fraud or staggering incompetency here, just differing visions of the future that are being advocated for by different sides. If the weight of numbers accumulates on the 2 MB side and that eventually ends up happening due to sheer inertia, I don't see how that will expose the 1 MB faction as "true charlatans". Merely losing a policy debate does not make you a charlatan. In other words, you're over-dramatizing the situation.
- hitekker 11y ago
  Actually, I didn't say who the charlatans were or who the fools were. You may have filled in the blanks in your mind. I wonder what that means. As for overdramatizing: the DDOS's, foundational people disavowing Bitcoin, and general political intrigue prior to this post, make the stakes not insignificant. It's a policy debate... at the core of Bitcoin. There's been plenty of deceit, ill-will, stubbornness, and machinations to make up for the lack of outright financial fraud as witnessed in Mt. Gox.

3 ms·

As one observer to another, I have a strong feeling that the debacle between raising the block-rate versus not raising the block-rate will end up similar to Mt.

by hitekker 11y ago

CydeWeys 11y ago
Personally, I'm leaning slightly in favor of increasing the block rate to 2 MB, for what it's worth. But I wouldn't risk fracturing the ecosystem to do so. I consider the opinions of the Coinbase CEO to be ill-considered and foolhardy, and here is a good reason as to why: https://medium.com/@bramcohen/double-billing-is-not-healthy-competition-b698c345b11e https://medium.com/@bramcohen/double-billing-is-not-healthy-... I also don't see many parallels to the MtGox implosion. There is no outright fraud or staggering incompetency here, just differing visions of the future that are being advocated for by different sides. If the weight of numbers accumulates on the 2 MB side and that eventually ends up happening due to sheer inertia, I don't see how that will expose the 1 MB faction as "true charlatans". Merely losing a policy debate does not make you a charlatan. In other words, you're over-dramatizing the situation.
- hitekker 11y ago
  Actually, I didn't say who the charlatans were or who the fools were. You may have filled in the blanks in your mind. I wonder what that means. As for overdramatizing: the DDOS's, foundational people disavowing Bitcoin, and general political intrigue prior to this post, make the stakes not insignificant. It's a policy debate... at the core of Bitcoin. There's been plenty of deceit, ill-will, stubbornness, and machinations to make up for the lack of outright financial fraud as witnessed in Mt. Gox.