Post
Topic
Board Bitcoin Discussion
Re: Bitcoin XT - Officially #REKT (also goes for BIP101 fraud)
by
sergio
on 08/09/2015, 06:10:13 UTC
Bitcoin as it is works fine and it can scale globally as it is, the proper way to see things is to think that bitcoin simulates gold with the added property of being portable.

you would not buy a soft drink using gold or a $100 dollar bill, for that reason alt coins like litecoin o dash have a purpose, we do not need 500 alt coins, but maybe a few are needed.

Moore's law does not hold on the long term, only on the short them, and something that must never be sacrificed is the fact that Bitcoin is decentralized, increasing the block size centralizes Bitcoin that it is very bad and should not be allowed.

As of now the Bitcoin DB is over 50GB with a 1MB block, on the long term if the block where to be x times bigger the DB would be x times bigger, as of now the DB is too big to be on cell phones, and on an average laptop, lets keep the 1 MB limit to prevent centralization.

If we think of bitcoin as gold and litecoin or dash as silver combined we can cover both large transactions and small ones.

Another thing to consider, The code-base for Bitcoin must be 100% bug free for security reasons, ask any developer and they will tell you that is something very difficult to achieve, but since Bitcoin is a currency security must take the biggest priority, in general small computer programs can be made very secure and 100% bug free, but as the size of code increases security goes down,  take for example an operating system. Do we have a 100% bug free OS? We do not and that's because the amount of code is very large, and some of that code is complex. The same applies for Bitcoin, if we end up with a very large and complex code it will be very difficult to keep it 100% secure, the ideal codebase is lean and mean, meaning keeping as simple as possible that keeps the code secure.

Forks are a bad thing specially in a digital currency, now that it can be seen that the fork is failing bitcoin has started to go up in price.

For Bitcoin to succeed certain things must be assured not to change ever:
for example the 21 million limit must not change.
decentralization
the ability to pay anyone directly with the need of a third party.
All coins have equal value, opposite of colored coins.
Consensus has to be respected.

As of now 1MB block limit is fine, and it helps to prevent spam, you raise that limit and then the blockchain will get full of spam that the people that run full nodes will have to pay for, and for that reason large blocks creates a big security risk.

Of course if the day comes that a cell phone has 1 TB of data storage, and the bitcoin user base is 100 times larger, then and only then by consensus with a very careful study done not to break with the security model, could the block size be increased. But what Bitcoin-XT had done was recklessness, a total disrespect to the security model and the principals of decentralization, and for what bitcoin stands.