Post
Topic
Board Bitcoin Discussion
Topic OP
Prematurely changing the 1MB transaction supply is a great idea ...
by
iCEBREAKER
on 08/02/2015, 01:13:48 UTC
The market has priced in the 1MB limit; the infrastructure and ecosystem are native to it.  It's part of the social contract.

Why 20MB, and why so soon?  Why not for the sake of caution start with a conservative number like 2, 5, or even 10?  

Or better yet, wait and see how the market reacts to the resource becoming scarce.  This is an unprecedented experiment, after all.  And we need data on which to make good future decisions.

God forbid the substitution effect help diversify the crypto market beyond being 85% centralized in BTC!

I support davout, Cypherdoc, and MP's 'digital gold' paradigm.  Bitcoin for the rich, Litecoin for the poor, Monero for the rest!

Bitcoin is the gold standard of crypto and its real estate must be priced accordingly.  It is the ultimate guardian of wealth preservation from force, not a penny for buying candy.

Any transaction less than 1 BTC is either spam or economic noise better conducted via an altcoin.  Crypto is the new money; Bitcoin is the new gold.

A Bitcoin transaction is much more like ride in a $5 million Lamborghini than a .1 cent screw.

Absent mini-blockchain adaptation or other means of pruning, is Gavin's Bloatcoin really what we need right now, as the already large full node footprint continues to hinder mass adaption?

Increasing maximum transactions is as much a form of dilution as changing the 21e6 coin figure to 42e7 would be.  

Cheapen the payment system and you axiomatically take the store of wealth with it.  Because intrinsic value.

The price of BTC has been falling for many months; we don't need controversial 20MB or Blockstream(tm) forks at this point.

I'll support a 20MB block fork in the future, if

-we wait to see how the market/infrastructure/ecosystem react/adapt to scarcity in (1MB) blocks
-then raise the limit to 2, 5, or 10 if widespead support exists
-then run out of room at 2/5/10 and widespead support exists for another increase
-and implement pruning
-and ensure TOR users are not cut off

In any case, we need a majority, not just a consensus, to approve and implement such hard forks.