Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion
This is a must read btw, it is surprising, how much present problems they have foreseen 5 years ago (and how satoshi and the others saying blocksize limit shall be abolished to let the network growth...)
https://bitcointalk.org/index.php?topic=1347.msg15366#msg15366
IMO it's a marketing thing. It's tough to get people to buy into a system, if the network is technically incapable of supporting high transaction rates.
Satoshi just said it can be changed, so technically the network is capable.
It is also an incompatible change, as you see.....
You just described a whole-network upgrade. I'd call that an incompatible change
The effort to raise the transaction rate limit is the same as the effort to change the fundamental nature of bitcoins: convince the vast majority to upgrade.
If we upgrade now, we don't have to convince as much people later if the bitcoin economy continues to grow.
I agree, especially since generators are both the source of blocks and "votes" in the network. Since a block restriction would allow generators to charge higher transaction fees, they might "vote" against an increase in the max size in the future.
It seems unlikely to be a real problem though.
Mind the word of "generators", instead of miners back than!
https://bitcointalk.org/index.php?topic=1347.msg15366#msg15366
We can phase in a change later if we get closer to needing it.
IMO it's a marketing thing. It's tough to get people to buy into a system, if the network is technically incapable of supporting high transaction rates.
Satoshi just said it can be changed, so technically the network is capable.
It is also an incompatible change, as you see.....
No, it's incompatible if just a few people change their behaviour. To roll out a change to the network you need to get most of the clients understanding both the old and the new protocol, and then when you have a majority you turn on the new protocol.
You just described a whole-network upgrade. I'd call that an incompatible change
The effort to raise the transaction rate limit is the same as the effort to change the fundamental nature of bitcoins: convince the vast majority to upgrade.
If we upgrade now, we don't have to convince as much people later if the bitcoin economy continues to grow.
I agree, especially since generators are both the source of blocks and "votes" in the network. Since a block restriction would allow generators to charge higher transaction fees, they might "vote" against an increase in the max size in the future.
It seems unlikely to be a real problem though.
Mind the word of "generators", instead of miners back than!