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Take a look at "The Blocksize War" for a fantastic rundown of the events that led to Bitcoin not increasing its throughput. TLDR: Massively rushed changes, pus
by bluepnume 5y ago
Take a look at "The Blocksize War" for a fantastic rundown of the events that led to Bitcoin not increasing its throughput.
TLDR: Massively rushed changes, pushed by people with a lot of power on the network (miners and corporations), which ended up being largely antithetical to Bitcoin's decentralization thesis.
Bitcoin's value is in its stability, its decentralization, and its lack of hurried change. It is in the control of everyone, not just the powerful actors in the system. Its value is not in its ability to pivot every few years like a startup to fulfill some new purpose.
- billytetrud 5y ago> led to Bitcoin not increasing its throughput Bitcoin did increase its blocksize and throughput. It about doubled it in fact. > Its value is not in its ability to pivot every few years like a startup to fulfill some new purpose. Yes, people don't realize that we don't want bitcoin to be agile, move fast and break things. We want it to be well considered, move slowly, and be safe and careful. Similarly, it aggrivates me that people complain about how "congress moves too slow, there's too much deadlock". We shouldn't want lawmaking to move fast. Like bitcoin, it should be slow, methodical, and careful. The problem with US congress is not that its slow, its that it is massively corrupt and opposing sides rush to put things together and then don't cooperate on improving proposals into a considered compromise. Slow compromise is what we want, not fast stubborn corrupt legislators.
- bluepnume 5y agoOf course, apologies. Should have been clear I was talking about 2MB+ blocksize rather than segwit. Some great points!