Oliver Egginger [ARCHIVE] on Nostr: đź“… Original date posted:2015-08-21 đź“ť Original message:Am 21.08.2015 um 15:34 ...
đź“… Original date posted:2015-08-21
đź“ť Original message:Am 21.08.2015 um 15:34 schrieb Will Madden:
> Keeping the block size at 1mb restricts the number of active users of bitcoin to around 100,000 people transacting twice a day on blockchain.
> BItcoin is a protocol. Protocols are successful because of their network effect. Capping the block size freezes bitcoin’s network effect, limits users and prevents new users from joining (which will cut demand to exchange bitcoin) and also freeze the economic incentive to mine, because it will hurt the price.
As a protocol Bitcoin could support millions of full nodes. What you
talking about is the number of shareholders. But these are poorly
determined by the block size. The number of shareholders is determined
by many parameter but manly by the decreasing-supply algorithm. Which
"was chosen because it approximates the rate at which commodities like
gold are mined". See: https://en.bitcoin.it/wiki/Controlled_supply
While the decreasing-supply algorithm of Bitcoin has many advantage it's
very hard to believe that the block chain will ever reach mass adoption.
Even after 6 years, hardly anyone owns Bitcoins. Like Gold Bitcoin is
distributed in large blocks to a few. Exceptions prove the rule. In the
last 6 years the 1MB limit has been sufficient. I don't think that we
will hit the 8MB limit in the next 6 years, except for stress tests and
spam.
> Freezing bitcoin’s growth for any meaningful length of time will
> threaten its position as the leading cryptocurrency.
I don't think that a relative tight block size could harm Bitcoin
middle-term. Only experienced users penetrate the block chain directly.
They know what they are doing and deal with problems. When space for
transactions starts to become scarce and the fees rise too much, the
developers have enough time to make a change. It would then also not so
controversial. A matter of a few days or weeks. Especially if all
necessary preparations have already been taken.
But I know that my opinion is very different from other claims. However,
reliable people share some more fatalism as I'm currently find in some
parts of the the Bitcoin community. Fear is a very bad adviser and can
make a genius stupid.
- oliver
đź“ť Original message:Am 21.08.2015 um 15:34 schrieb Will Madden:
> Keeping the block size at 1mb restricts the number of active users of bitcoin to around 100,000 people transacting twice a day on blockchain.
> BItcoin is a protocol. Protocols are successful because of their network effect. Capping the block size freezes bitcoin’s network effect, limits users and prevents new users from joining (which will cut demand to exchange bitcoin) and also freeze the economic incentive to mine, because it will hurt the price.
As a protocol Bitcoin could support millions of full nodes. What you
talking about is the number of shareholders. But these are poorly
determined by the block size. The number of shareholders is determined
by many parameter but manly by the decreasing-supply algorithm. Which
"was chosen because it approximates the rate at which commodities like
gold are mined". See: https://en.bitcoin.it/wiki/Controlled_supply
While the decreasing-supply algorithm of Bitcoin has many advantage it's
very hard to believe that the block chain will ever reach mass adoption.
Even after 6 years, hardly anyone owns Bitcoins. Like Gold Bitcoin is
distributed in large blocks to a few. Exceptions prove the rule. In the
last 6 years the 1MB limit has been sufficient. I don't think that we
will hit the 8MB limit in the next 6 years, except for stress tests and
spam.
> Freezing bitcoin’s growth for any meaningful length of time will
> threaten its position as the leading cryptocurrency.
I don't think that a relative tight block size could harm Bitcoin
middle-term. Only experienced users penetrate the block chain directly.
They know what they are doing and deal with problems. When space for
transactions starts to become scarce and the fees rise too much, the
developers have enough time to make a change. It would then also not so
controversial. A matter of a few days or weeks. Especially if all
necessary preparations have already been taken.
But I know that my opinion is very different from other claims. However,
reliable people share some more fatalism as I'm currently find in some
parts of the the Bitcoin community. Fear is a very bad adviser and can
make a genius stupid.
- oliver