Author: Aaron Voisine 2015-05-14 02:34:29
Published on: 2015-05-14T02:34:29+00:00
Aaron Voisine, the co-founder and CEO of breadwallet.com, suggests that increasing fees on Bitcoin transactions will cause people to move away from using it as a store-of-value. He believes that the higher the costs of using the system, the lower the adoption as a store-of-value, which in turn leads to a lower price and value of Bitcoin to the world. In response to Pieter Wuille's suggestion for increasing the block size, Voisine suggests that a flag date based on previous observation of network upgrade rates with a conservative additional margin in addition to supermajority of mining power would allow for a relatively small percentage of miners to stop the upgrade if the flag date turns out to be poorly chosen and a large number of non-mining nodes haven't upgraded yet. This would be a nice safety fallback. However, Wuille points out that measuring miner adoption is the least relevant factor, and that the question is whether people using full nodes will upgrade.
Updated on: 2023-06-09T20:43:09.801930+00:00