Author: odinn 2015-08-12 00:18:45
Published on: 2015-08-12T00:18:45+00:00
In a discussion amongst Bitcoin developers, the topic of block size was being debated. One developer argued that Bitcoin had the potential to scale and serve the entire world population with only minor increases in block size due to its low usage rate currently. However, another developer countered that there were already better alternatives to Bitcoin for finding global consensus over a payment ledger. They argued that the policy neutrality of Bitcoin is what set it apart from competitors, and if it were regulated to the point where it could be censored or shut down, then it would lose its unique appeal.The discussion also touched on concerns about bandwidth requirements, storage capacity, and the threat of more censorship of Bitcoin by government regulations. The developers acknowledged that an 8GB block size still doesn't support VISA/Mastercard. Additionally, regulators have already started cracking down on web wallets which don't allow users to control their money. Finally, the discussion points out that distributed software such as bitsquare.io and openbazaar would be more resilient to regulation than web-based services like Kraken, poloniex, and shapeshift.However, the writer of the email argues that increasing the block size of Bitcoin to 8GB would destroy the very nature of Bitcoin, making it an uninteresting copy of the existing financial system. While acknowledging that block size is likely to increase, they question why there is pressure to go down a route that will ultimately lead to failure. The author suggests that Bitcoin should play to its strengths of trustlessness via policy neutrality instead of trying to compete with VISA/Mastercard. In conclusion, the discussion highlights the ongoing debate around Bitcoin's block size and how it should be handled. While some developers argue that Bitcoin should be able to scale and serve the entire world population, others argue that its policy neutrality is what sets it apart from competitors. There are concerns about bandwidth requirements, storage capacity, and the threat of more censorship of Bitcoin by government regulations. The writer of the email suggests that increasing the block size to 8GB would destroy the nature of Bitcoin, and instead, people should work on Stellar if they want to pursue a different path than the one Bitcoin is headed towards.
Updated on: 2023-06-10T18:24:24.263917+00:00