Author: Marcel Jamin 2015-07-31 13:07:42
Published on: 2015-07-31T13:07:42+00:00
The discussion in this context revolves around the impact of block size on Bitcoin's future and its decentralization. The statement that more users equal more decentralization as long as node running cost is affordable has been agreed upon. Hardforks can be used to reduce the rate of growth whenever necessary, while ensuring that hobbyists can participate in running the network and it remains affordable for everyone to transact on it. In response to Pieter's suggestion that increasing block size won't help with centralization, Mike Hearn believes that bigger blocks could lead to more users, nodes, and miners. Centralization is a complex problem that cannot be controlled by adjusting a single constant in the source code. Block size won't make much difference to how many merchants rely on payment processors because they aren't using them due to block processing overheads anyway. Setting up an exchange is a lot of risky and expensive work, but profits are higher when there are more users to sell to. Removing potential for future profit removes the motivation to create the services that we now enjoy and take for granted.
Updated on: 2023-06-10T04:36:18.861283+00:00