Author: Jeff Garzik 2015-07-22 17:33:18
Published on: 2015-07-22T17:33:18+00:00
The Bitcoin community is divided on whether to increase block size limits or not. Pieter Wuille via bitcoin-dev argues that Bitcoin Core is not running the Bitcoin economy and its developers have no authority to set its rules. He further suggests that change in economics is always happening, and should be expected. However, this view ignores reality as fee pressure has been largely absent for the entirety of Bitcoin's history. Users will hit a "painful" "wall" and market disruption will occur - eventually settling to a new equilibrium after a period of chaos - when blocks are consistently full. While Wuille argues for letting a fee market develop, he acknowledges that he does not have the authority to force this view. The fear of economic change is a reason not to give up consensus. On the other hand, some argue that when size increase progress gets frozen out of Bitcoin Core, it increases the chances that progress must be made through a contentious hard fork, which could lead to further market disruption.
Updated on: 2023-06-10T03:14:10.876679+00:00