Author: Venzen Khaosan 2015-08-02 10:38:21
Published on: 2015-08-02T10:38:21+00:00
The email is a discussion on the proposed changes to block size and deployment period. The first point discussed is regarding the starting date for the block size, which is set to be 30 days after 75% miner support, but not before 2016-01-12 00:00 UTC. This is done to make sure everyone has enough time to follow. There was disagreement between the parties on whether this timeline is too soon or not, with one party suggesting that since all major exchanges and merchants agree to upgrade, people are forced to upgrade immediately, or they will follow a worthless chain. The second point of discussion is the block size, which is set to be 1,414,213 bytes at 2016-01-12, multiplied by 1.414213 by every 2^23 seconds (97 days) until exactly 8MB is reached on 2017-05-11. The rationale behind this gradual increase is that instead of jumping to 8MB, it is better to incrementally increase the size over 16 months. It is also mentioned that Chinese miners, who control more than 60% of the network, agreed with this proposal.There is disagreement on whether we can currently deal with significantly larger blocks, with one party suggesting that there is no indisputable evidence that we can. Another party suggests that demand fills the available space, citing historic block sizes as evidence. The discussion also includes the impact of high fees and full blocks on the network and Satoshi's original plan for Bitcoin. Finally, there is discussion on the merits of SPV mining and security concerns related to trusting miners to follow a particular protocol. The email ends with a suggestion that if Bitcoin is supposed to become a global settlement network, 32MB would be the very minimum as that is only 75% of current SWIFT traffic.
Updated on: 2023-06-10T17:56:04.023234+00:00