Author: alp alp 2017-02-08 20:13:18
Published on: 2017-02-08T20:13:18+00:00
The discussion is focused on the consensus mechanism of Bitcoin and the block size limit. It is stated that only a majority needs to consent, and the percentage required varies depending on the context. A minority group should not be able to block forward progress, as it would render Bitcoin uninteresting. The 1MB cap was implemented with the understanding that it could be increased when needed, but the community has not agreed that it is necessary at this time. The white paper speaks of scaling to huge capacity, but it was never stated or implied that the coin cap could be changed later. It is noted that participation in the system is voluntary, and users are free to leave if they wish. The conversation then shifts to a poll indicating that 63% of voters want a larger than 1 MB block by summer, and full node count is below the safe minimum of 85% of economic activity. The reason people stop running nodes is due to lack of incentive, and attempting to solve this by making blocks smaller is counterproductive.
Updated on: 2023-06-11T21:27:47.834201+00:00