This was taken from another thread but I believe it is better to discuss them here to avoid being off topic in the original thread.
I am trying to find out what is your stance in the "scaling debate", though I am too lazy to read all your past posts. But are you for bigger blocks? If yes, then what is your opinion on Bitcoin Cash? Is it good enough or can it be better?
I could give you a simplistic answer, but it wouldn't be the right answer. The simplistic answer is:
yes, of course bigger blocks. However, I think that a single question, like, "are you for bigger blocks" misses entirely the point, simply because everything influences everything. That's like asking a doctor "are you for or against chemotherapy".
Thanks for your honesty. I also have some questions on the following.
I think bitcoin has fundamental design issues on the deepest conceptual level, that far overshadow the simple question of "bigger blocks". I think bitcoin is fundamentally broken on the following points:
- the PoW consensus mechanism that is too wasteful and leads to centralization of power, even though it is a very good consensus (no dispute) mechanism, it doesn't provide the other desired factors, on the contrary.
But what would be a good PoW replacement for you? Proof of Stake? There is also Proof of Capacity, also called Proof of Space, which I heard from d5000. PoC does look more energy efficient but it is not without its "centralization problems".
- the fact that the consensus mechanism is remunerated (which, in itself, is necessary for PoW), which gives rise to a lot of game-theoretical issues and is the motor of centralization, by "economies of scale".
Yes but it is a brilliant coin issuance and distribution system. Was that not the real purpose of the mining incentives aside from "keeping the miners honest"?
- bitcoin's coin emission curve, which links erroneous monetary theory, market speculation, crazy power consumption and security in one big clusterfuck
This would make one good topic with it own thread. There is to much to discuss.
- bitcoin's lack of anonymity and hence lack of fungibility
What is your opinion on Monero? Would that make a better "Bitcoin"?