Post
Topic
Board Bitcoin Discussion
Re: Analysis and list of top big blocks shills (XT #REKT ignorers)
by
topiOleg
on 11/01/2016, 00:40:10 UTC
"Because with 1 MB, in future, almost everyone would need to do offchain transactions only"
Wut? did you read my post? maybe you should re-read it.


I did:

I am a 1MB block supporter who feels 1MB is enough for many years to come. We have a network run on Raspberry Pi's and old laptops from the 90s...We should only raise the block size after transaction fees grow to a point where they become prohibitive to the growth of the network that inflection point will be around 1 to 5 USD per transaction.


Oh yeah, I have to pay 1+ USD per transaction to be able to use Bitcoin in decentralized way while you can run full nodes on your obsolete hardware before Raspberry Pi's and old laptops naturally breaks down. But I have bad news for you, if there become constant demand for Bitcon decentralized onchain transactions higher than is blocksize capacity, the transaction fee skyrockets more quickly than you think up to a point where people give up and equilubrum is reached (might be higher than 1-5 USD). So not only it doesnt sound there is ready plan for automatic increase of blocksize because when it happens it is not many years or even many months process, and the pain to use Bitcoin will be high at these times  (unless your happy offchain user), but your obsolete hardware will not be enought to run full node much sonner than you think anyway. Really clever idea! Hail to our new clever rulers who choosing the best for all of us.