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That "Bitcoin is currently suffering from significant scaling problems" is the topic of debate. SegWit was not created toward the end of increasing the blocksi
by ftlio 9y ago
That "Bitcoin is currently suffering from significant scaling problems" is the topic of debate.
SegWit was not created toward the end of increasing the blocksize, it was created to fix transaction malleability along with various other improvements. That it arranges the partitioning of witness data from transaction data to sort-of not count against the block size was a bonus, especially since a lot of dubious attempts at forking to a larger block size we're being given decent backing in terms of funds.
The point of fixing transaction malleability is that it allows for more robust smart contracts that depend on transaction validity. Once you enable these smart contracts, you start scratching at the surface of scaling methods that shift risk to the willing participants. As every Bitcoin transaction must be validated by every Bitcoin node, the entire network must inherit the risk of attempting to satisfy demand for transactions. Not just in terms of hardware requirements, but also in terms of the viability of paying for security of the network against a diminishing block creation subsidy.
The maintainers of Core, and plenty of other people in the Bitcoin community, see the scarcity of block space as a positive and as an inevitability. It's a positive in that it provides the incentive for security as the subsidy gets reduced, and inevitable as any 'spare' space in blocks can incentive superfluous transactions. There's plenty of development on the front of moving bitcoins between other chains with different consensus rules that would allow for better scaling, and for better development and testing of solutions that could eventually make their way to the main blockchain.
I'm personally of the opinion that once you allow for the transfer of bitcoins to and from second order chains, that Bitcoin can essentially enter a version freeze.
- davidgerard 9y ago> That "Bitcoin is currently suffering from significant scaling problems" is the topic of debate. I find it hard to see how anyone could reasonably dispute it. Transactions were fast and cheap-to-free until mid-2015, when the blocks filled. Since then transactions have been slow and expensive.
- exit 9y agothis is no longer true. blocks are not filling and mempool is clearing: https://www.reddit.com/r/Bitcoin/comments/6hzw6c/010_satoshibyte_fees_are_starting_to_clear_from/ https://www.reddit.com/r/Bitcoin/comments/6hzw6c/010_satoshi... it looks like some faction was spamming the network with transactions to create a false sense of urgency about the need to scale.
- ftlio 9y agoThey most definitely were. It should also be noted that most transactions already occur off-chain at exchanges.
- ftlio 9y agoAnd yet the people who maintained the protocol and scaled transaction throughput while it grew to tens of billions of dollars in value largely dispute it. If SegWit could activate without a hostile takeover, it would be much easier to demonstrate why there are no scaling issues. A lot of ignorant people want to throw the baby out with the bath water though, so ultimately we're probably going to have two chains, one that does it the way the talent in the community says it should be done, and another that shifts responsibility around to a few scaled entities. My money is not on the latter.
- davidgerard 9y agoIt's like they went to Solomon and said "so, shall we cut the kid in half vertically or horizontally?" waving big knives around. Their plan is to use the halves of the corpse to beat each other to death.