3 ms·

Ultimately, Mr. Armstrong said, “We were unable to convince them.” Brian Armstrong from CEO of Coinbase along with some other major Bitcoin startups proposed a

Ultimately, Mr. Armstrong said, “We were unable to convince them.” Brian Armstrong from CEO of Coinbase along with some other major Bitcoin startups proposed a hard fork in the protocol to increase throughput. This proposal was to raise the block size. The Bitcoin core developers rejected this along with a lot of the Bitcoin community as it may cause decentralization. An alternative proposal was created that would not produce a hard fork but still allow an increase in transactions per second. A further proposal called the lightning network is in testing to allow for thousands more transactions per second that then get settled on the main Bitcoin blockchain. In my opinion consensus won. Everyone will get what they want with out taking any risks with centralization. The Chinese miners were right to stay on the main branch. If they had forked and the Bitcoin economy didn't follow them, they would be out of business. The Bitcoin block size debate is like the Brexit. Only this time everyone wins.

wallace_f 10y ago
>The Bitcoin block size debate is like the Brexit. Only this time everyone wins. How so? Not in disagreement I honestly just don't see the connection (but I don't follow bitcoin)
Jarwain 10y ago
> The Bitcoin core developers rejected this along with a lot of the Bitcoin community as it may cause decentralization Isn't a core aspect of bitcoin decentralization? Or am I missing something
- aianus 10y ago
  Yes, he meant to write 'centralization'
bduerst 10y ago
If the chinese miners adopted the fork, then everyone would follow them because they are the consensus. That's why he tried so hard to convince them. The lightning network (or any other private side chain) are not a solution because it still requires the bitcoin network to verify, which means they can't scale for users. Example: It takes minutes for a side chain to process 20 million transactions for just 2 people, but it takes over a month for a side chain to process just 2 transactions for 20 million people.

wallace_f 10y ago

>The Bitcoin block size debate is like the Brexit. Only this time everyone wins. How so? Not in disagreement I honestly just don't see the connection (but I don't follow bitcoin)

Jarwain 10y ago

> The Bitcoin core developers rejected this along with a lot of the Bitcoin community as it may cause decentralization Isn't a core aspect of bitcoin decentralization? Or am I missing something

aianus 10y ago
Yes, he meant to write 'centralization'

bduerst 10y ago

If the chinese miners adopted the fork, then everyone would follow them because they are the consensus. That's why he tried so hard to convince them. The lightning network (or any other private side chain) are not a solution because it still requires the bitcoin network to verify, which means they can't scale for users. Example: It takes minutes for a side chain to process 20 million transactions for just 2 people, but it takes over a month for a side chain to process just 2 transactions for 20 million people.