Author: Mike Hearn 2015-07-29 18:03:22
Published on: 2015-07-29T18:03:22+00:00
The context discusses the initial understanding of Bitcoin's users to protect its decentralization by limiting the size of the chain to keep it verifiable on small devices. However, this claim was dismissed as an invention and misinterpretation of Satoshi Nakamoto's original vision for Bitcoin. Instead, Satoshi spoke about the network growing beyond a certain point and being left to specialists with server farms of specialized hardware. There was no mention of limiting the system for small devices. The founding vision of Bitcoin brought everyone together and gave them a shared goal. If Satoshi had intended for Bitcoin not to be popular, many people would not have bothered getting involved. The trend towards mining centralization is not the fault of Gavin or anyone else but is a market failure resulting from years of ignoring problems in the mining ecosystem. SPV was always intended to be used, and it is right there in the white paper. The attempt to convert Bitcoin into an altcoin by exploiting a temporary hack is desperate and upsetting to many people who quit their jobs and created companies to build products only for today's tiny user base.
Updated on: 2023-06-10T04:02:00.286976+00:00