Author: Aaron Voisine 2015-05-17 01:08:16
Published on: 2015-05-17T01:08:16+00:00
The email conversation is regarding the issue of block size limit in Bitcoin network and its potential impact on unpredictable transaction failure. The sender, Owen Gunden, suggests that there are alternatives, such as sidechains and offchain, which still use bitcoin as the unit of value, and saying that they are "not bitcoin" is misleading. However, the recipient argues that the only options available now and in the near future are of centralized custody variety. The recipient also questions whether raising the block size is the only way to avoid unpredictable transaction failure and wonders if we are already screwed even if the block size is raised 10x or 20x. The sender responds by explaining that when the block size limit is reached, transactions at the margins will experience unpredictable failure that current wallet software cannot predict. Instead of introducing unpredictability around confirmation failure, the sender suggests slowing blockchain growth by increasing fees alone. The sender believes that a single, upfront, known cost would be better for users than fees and unpredictable confirmation. Finally, the recipient compares the cost of using gold to Bitcoin, arguing that despite the high cost of using gold, it is widely accepted as a store of value. The sender counters that the reason gold is not the one world global currency that it once was is because of those costs, and people shifted over time to gold backed bank notes and eventually fiat.
Updated on: 2023-06-09T20:42:33.879453+00:00