Author: Jeff Garzik 2015-05-07 14:04:21
Published on: 2015-05-07T14:04:21+00:00
The 1MB limit in the Bitcoin network is an outdated anti-spam measure that needs to be removed. However, this change would have major economic implications and cannot be made on a whim as it is economically entrenched in the $3.2B system. The change would pick winners and losers and create moral hazard. Due diligence, projections, and fact-based simulations would be required to evaluate the success and failure scenarios, upside risks, and downside risks of such a change. Private lobbying for this change is not the way forward; instead, there should be a public debate with endorsements or condemnations from major stakeholders, including merchants, payment processors, and miners. Both sides of the debate have significant disruption risks. The core dev team should not act like an FOMC.
Updated on: 2023-06-09T19:31:34.325954+00:00