Re: Bitcoin XT - Officially #REKT (also goes for BIP101 fraud)
the blocksize debate is going on for years now. many people think it shouldnt change even if transaction backlog starts to grow. and now you are telling me that its just fear mongering when i say its nearly impossible to change the bitcoin protocol? c'mon...
i didnt say that the whole world will adopt bitcoin tomorrow. i think its just shortsighted to think an algorithm would work.
and "cross the bridge when we come to it": well you want to change a p2p system without warning its users beforehand? a protocol change needs time... if the utxo is 1gb its too late
i didnt say that the whole world will adopt bitcoin tomorrow. i think its just shortsighted to think an algorithm would work.
and "cross the bridge when we come to it": well you want to change a p2p system without warning its users beforehand? a protocol change needs time... if the utxo is 1gb its too late
I don't see any technical reasoning behind this. You're just using an invented sense of urgency to say "WE NEED TO DO SOMETHING NOW!!11!11!!! BIP 101!!!!111!"
If you think an algorithm is short-sighted, why do you support one that increases the limit based on Moore's Law?
Can you address my point that capacity needs are linked to growth in transaction volume? After six years, we haven't come close to hitting capacity at 1MB on average. So your "transaction backlog" point is moot. If you agree that we don't have a reliable way to predict future transaction volume, why would we pick an arbitrary limit with no basis in reality, without any discussion of the technical implications for the protocol/network -- hardware, bandwidth, network security/bloat.....?
There is ample time -- just take a look at BIP 100. The fact that people have discussed this in theory for several years before it ever became a realistic issue is totally irrelevant. Within two months of the XT client release, we now have several BIPs that aim to increase block size, and miners are now voting to make their preferences clear among the current proposals.
Fear mongering.....