Author: insecurity at national.shitposting.agency 2015-05-11 16:52:10
Published on: 2015-05-11T16:52:10+00:00
In an email sent on May 11th, 2015, Thomas Voegtlin expressed concerns about increasing the block size in Bitcoin. He argued that increasing it just to buy time or compete with Visa lacked vision and would be healthier to focus on developing off-chain infrastructure such as the Lightning network. The idea of competing with Visa through on-chain transactions was dismissed due to physical limitations in verifying ECDSA signatures on a CPU core. It was stated that while there are proposals for increasing transaction speed by increasing the block size, it is not a feasible solution. The tradeoff in Bitcoin is that signatures are small but slow to verify on any scale, making it impossible to compete with centralized entities using on-chain transactions.
Updated on: 2023-06-09T20:39:13.917447+00:00