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> Others want Bitcoin to become a settlement layer, and certain backers have said that $1000 tx fees would be great, since that means BTC won as a settlement la
by andrewla 9y ago
> Others want Bitcoin to become a settlement layer, and certain backers have said that $1000 tx fees would be great, since that means BTC won as a settlement layer
This is dramatically misconstruing the legitimate points made by the anti-big-blockers. The simplest fix would be to say "Others _are content with Bitcoin becoming a settlement layer_".
Making changes is always dangerous given the fact that Bitcoin is fundamentally a consensus-driven protocol. So far, none of the block size proposals has managed to garner a significant consensus. Here I mean "consensus" in a general version of Satoshi's "one CPU one vote" consensus; that's the only consensus here that is resistant to Sibyl attacks.
In addition there's the argument that increasing the block sizes necessarily entails increasing the orphaned block rate, which decreases network security. This happens because the larger the blocks are, the longer it takes for the network to recognize a legitimate block, and thus begin mining on top of it -- any mining that takes place after a block is found is wasted power and does not contribute to network security.
There's also the notion of long-time viability of the decreasing block reward without developing and addressing the problems on forming a fee market to ensure that miner compensation is commensurate with their costs so that subverting the network will always be dramatically more expensive than helping the network.
Finally there's the argument that block size increases make it more expensive to run full nodes by increasing space requirements.
These are real concerns, not just some notion of "increasing blocksize can't solve all problems why even start".
It happens that I disagree with this view; the first argument (forks are tricky) is, in my mind, the only valid one, and if Bitcoin Core threw their efforts behind finding a good, non-gameable, non-spammable block increase implementation, then we could get consensus.