Post
Topic
Board Bitcoin Discussion
Re: the 1MB limit will centralize bitcoin
by
brg444
on 10/09/2015, 18:25:45 UTC
This post would fit well here:

If you can't understand that a 1MB chain favors the entire network and not only "a small minority" you are either being intentionally dishonest or outright ignorant. Let me spell it out for you: a 1MB block size guarantees access to the most open, private and secure chain.

Open: every users has an ability to trivially run a node and store their wealth on that chain

Private: relying on SPV means relying on a third-party to relay your transactions, there are considerable privacy risks.

Secure: an ultra conservative block size allows the number of independent nodes in the system to grow infinitely, considerably increasing the strength and decentralization of the network. it enables possibilities like the commoditization of hardware such as the existing Bitnodes (https://getaddr.bitnodes.io/hardware/)

Now your obvious complain is that not everyone will get to transact on this chain since it might be considerably pricier. If we're being honest, that's not a problem. A strong & decentralized protocol layer will work as a guarantee that third-parties involved in superficial layers are being kept honest provided that their actions can be checked against the one absolute truth layer. That's the role you should expect Bitcoin to play in the future:

Quote
CodeShark the blockchain is there to protect you in the event of an uncooperative counterparty

gmaxwell A more useful mental model for the system is that the network is a trustworthy AI Judge that makes sure you complied with the contracts specified in your contracts. Now, it's possible to transact by taking every contract to the judge, but this is inefficient.

CodeShark right, the blockchain is like a court

CodeShark you don't go to court over every contract you enter

CodeShark only the ones where there's a breach