Author: Jeff Garzik 2015-05-07 15:35:47
Published on: 2015-05-07T15:35:47+00:00
The debate on raising the block size limit in Bitcoin has been ongoing for a while. While some argue that it is a trivial code change, others have made different assumptions by taking the market as it exists today, rather than in some projected future. Raising the limit becomes a human decision to favor some users over others, prevent an active and competitive free fee market developing at 1MB, keep transaction fees low to incentivize bitcoin adoption, and value adoption over decentralization. These are observations of some significant blind spots in the debate and not value judgments. Bitcoin has been unconstrained by the hard block size limit so far. If raised, it will continue to be unconstrained, but if not, businesses built on the assumption that Bitcoin could become popular will suddenly have their basic assumptions invalidated. The technical code change would be zero, but the economic change would be significant.
Updated on: 2023-06-09T19:37:19.800466+00:00