Author: Venzen Khaosan 2015-06-26 14:38:58
Published on: 2015-06-26T14:38:58+00:00
A member of the Bitcoin community, Pieter Wuille, has expressed concerns regarding the block size debate. He suggests that a fear for a change in economics should not be considered to necessitate larger blocks, as this could lead to an infinite block size and ultimately scare users away. Wuille believes that demand for payments is nearly infinite, but only a small portion will eventually fit on a blockchain. He also states that systems which compete with Bitcoin in this space already offer orders of magnitude more capacity than can reasonably be achieved with any blockchain technology at this point. Venzen Khaosan, another member of the community, replies that Bitcoin's protocol and payment network have features and benefits that Visa et al cannot have, so the idea that 7tps is a major cap on growth and adoption is refuted. It takes as its axiom the idea that increased adoption correlates to increased value, which is not true. The price chart shows that more businesses accept and more people use and transact via Bitcoin now than ever before and yet the price chart points down, not up. Furthermore, if those present do not realize that the blockchain is a means of escaping centralization, then they are not seeing the overall picture. Khaosan concludes by stating that there is no onus on developers or on Bitcoin to "keep up." Like it or not, the global economy will inevitably be forced to slow down as a result of the same thinking that upholds constant growth without sympathetic contraction. However, he does suggest that 8GB with BIP100's protections seems a reasonable change given the sudden increase in network usage that a global liquidity crisis will impose.
Updated on: 2023-06-10T01:11:36.149247+00:00