Author: Pieter Wuille 2015-06-26 14:09:18
Published on: 2015-06-26T14:09:18+00:00
In this discussion, Pieter addresses the block size debate, specifically regarding the reasons why people want larger blocks. While he agrees that larger blocks may be necessary in the long term for Bitcoin's evolution and scalability, he fundamentally disagrees with the idea that a fear of change in economics necessitates larger blocks. He fears that if there is consensus to adapt to such changes, there will effectively be no limit going forward, much like an infinite copyright term. Gavin summarizes the consequences of not increasing block sizes in PR 6341, including rising transaction confirmation times, average fees paid, and people/businesses shelving plans to use Bitcoin, which could stunt growth and adoption. However, Pieter believes that demand for payments in general is nearly infinite and only a small portion of it will eventually fit on a blockchain, regardless of its size. He suggests that we should not be afraid of change or try to stop it, as use cases for Bitcoin have already changed and will continue to do so. He notes that graphs of block sizes over time show little "organic" growth and many sudden changes, which correspond to changing defaults in miner software, introduction of popular sites/services, or changes in the economy. Pieter acknowledges that increasing the block size is not unreasonable, but it should be done because it increases utility and understanding of the risks, not out of fear of what might happen if we don't hurry up.
Updated on: 2023-05-19T20:49:58.303245+00:00