Re: Bitcoin 20MB Fork

There is no grinding to a halt. The worse case scenario of not resolving this in a strategic way, or not forking for a larger max block size is that Bitcoin will continue to do what it already does better than anything else. It does not "grind to a halt". If your transaction is urgent, you pay a fee.

Exactly. Gavin's GigabloatCoin is being sold to us based on the fear that plain old Bitcoin will explode if people actually start using it.

No such thing will happen so long as we keep the system antifragile, which includes maintaining a defensible/diverse/diffuse/resilient network.

Under a full load, blockchain space/priority will simply become priced at market rates instead of being subsidized like in the past.

It's just like Uber. If too many people want to use the service, Surge Pricing kicks in and cheapskates can wait around for a taxi or bus instead.

And only people willing to pay the fees can use it.

Again we're drifting into the muddy waters of fees. To reiterate:

Quote from: DooMAD on February 23, 2015, 05:08:48 PM

This isn't about sending transactions without a fee, this is saying your transaction may not make it in even with a fee. Full means full. As in wait for the next one. And if that one is full, wait for the one after that. How long do you think people will wait before complaining that Bitcoin is slow and useless? Bearing in mind this is the internet and people complain about the slightest little inconvenience like it's the end of the world. I don't want to see the outcome of that fallout.

That's not fear, that's how the protocol actually works. Even if everyone waiting to get a transaction in the next block is paying a fee, there won't be room for all of them if we persist with a 1MB limit and adoption increases. This is a simple fact. Talking about "bloat" is fear. It's not bloat or spam or anything of the sort, it's just allowing more transactions.