A summary list of all concerns related to not rising the block size



Summary:

A recent message posted on the Bitcoin-dev mailing list details several concerns regarding the future of Bitcoin. While the first two concerns relate to rising fees and software problems, the remaining three deal with more abstract fears. The fourth concern is a general fear that something bad will happen when nodes choke up on a backlog of transactions, leading to losses for Bitcoin-based businesses and a potential flight of users to other cryptocurrencies. The fifth concern is specific in its belief that the exchange rate will decline due to network unreliability, with traders potentially stopping speculation altogether if they are uncertain about withdrawing bitcoin from exchanges. Finally, the sixth concern likens Bitcoin to a cargo cult, where believers wait for a range of hoped-for events to occur, such as an adoption surge, a speculative rally or a global financial crisis. In order for the cargo to be delivered, a larger runway (or equivalent infrastructure) must be built; however, some individuals refuse to expand the current infrastructure due to security concerns. Instead, these individuals want to build a larger airstrip elsewhere on Bitcoin Island, but they are not being helped by anyone to do so. Ultimately, the fear is that if the runway is not expanded, Bitcoin may suffer while another cryptocurrency takes its place.


Updated on: 2023-06-10T19:14:47.684131+00:00