Post
Topic
Board Bitcoin Discussion
Re: Bitcoin XT - Officially #REKT (also goes for BIP101 fraud)
by
VeritasSapere
on 01/01/2016, 17:19:38 UTC
XT is a temporary solution, at best. Everyone understands that. Segregated witness is a better solution in the short run, and in the long run we'll have something else (lightning network?)
So XT does not make much sense, don't think they'll be able to pull it through
XT makes a great deal of sense...if the goal is to ensure that ultimately the last vestiges of infrastructure distribution among the masses are eliminated.

Hearn said semi-famously that 'there is no difference between confiscating someone BTC and keeping them from spending it for 20 years.'  The numbers were just to be an illustration of a principle.  The reason for he '20 years' rather than 'forever' is that some segment of the infrastructure might still be independent of a central blacklisting authority.  Even now it is theoretically possible for a CPU miner to beat the datacenters full of ASIC in finding a block...it would just be really lucky and an exceedingly rare occurrence.
I suppose you are falsely attempting to equate XT with black lists and censorship here? Even though increasing the blocksize does not have any effect on mining centralization whatsoever, which therefore means it also does not have any effect on censorship resistance. It only takes one small pool operating out of any jurisdiction anywhere in the world to completely render any attempts at censoring transactions futile.

If some of the pools did start blacklisting I would simply move my mining power over to a pool that did not do this. Considering there are many independent miners like myself I do not think that this would ever become a real problem. The best thing for mining decentralization right now would actually be increased adoption, leading to an increased price. Since the real pressures on mining centralization are more related to centralization of manufacturing and economies of scale, an increased price would lead to increased competition and more people moving into the mining industry thereby further distributing the hashpower, which also increases security. Not increasing the blocksize would hurt adoption, this is in part why I think that increasing the blocksize is what is best for decentralization and financial freedom over the long run compared to the alternatives.