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



Summary:

On August 12, 2015, Venzen Khaosan discussed concerns and risks regarding Bitcoin with Jorge. There are two main concerns/risks with two sub-concerns/risks each. The first concern is the potential indirect consequence of rising fees, which may cause the lowest fee transactions (currently free transactions) to become more unreliable and people to migrate to competing systems (PoW altcoins) with lower fees. The second concern is a software problem independent of a concrete block size that needs to be solved anyway, often specific to Bitcoin Core. The sub-concerns/risks related to this are Bitcoin Core's mempool being unbounded in size and can make the program crash by using too much memory and no good way to increase the fee of a transaction that is taking too long to be mined without the "double spending" transaction with the higher fee being blocked by most nodes which follow Bitcoin Core's default policy for conflicting spends replacements.Furthermore, there is a general undefined fear that something bad will happen when nodes choke up on a backlog of transactions. This could result in Bitcoin-based businesses losing money, customers, and potentially failing. People may flee Bitcoin for another cryptocoin, leaving Bitcoin in the corner collecting dust and memories of it will fade as SuperCoin with its big blocks becomes all things to all people. Additionally, there is a specific belief that the exchange rate will decline on network unreliability due to traders and investors bidding the price down or stop speculating altogether because even if their speculation is successful, they're not sure they'll be able to get their bitcoin out of exchanges with the broken network.Lastly, there is a belief that Bitcoin's "cargo" is about to be delivered by fate, where the cargo is variably presumed to be a range of hoped-for events such as an adoption surge, a speculative rally similar to (or bigger than) 2013, or a global financial crisis that sees Bitcoin become the safe haven of choice. For the cargo to be delivered, a "runway" must be built, and the larger the runway, the larger the cargo delivery. If the current runway is not expanded, then the cargo plane will go to a different island and won't come to Bitcoin Island. Some people have taken the blueprints of the airbase and are building a large airstrip elsewhere on Bitcoin Island, but nobody is helping them build that long and wide runway. The sacred site of No-Middle-Zero-Attack-Point is at the start of the current runway. To expand it, the site must be destroyed, but some former generals and many people say that it doesn't matter, they want Cargo, not a small attack surface.


Updated on: 2023-06-10T19:14:02.847460+00:00