Makes Gavin's "radical" 20mb proposal look quite conservative actually.
Great write up on why bitcoin needs a larger block size, and why we should adopt Gavin's proposal https://bitcointalk.org/index.php?topic=946236.0 …
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We could probably make it 100mb or even 1gb if needed. Hobbyists could still run full nodes (imagine SSD drive + machine with 16gb memory)
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@brian_armstrong I bought a 2yr old low end Mac mini, 256GB SSD,16GB ram for#Bitcoin Core. Cheap box & top 1k node https://getaddr.bitnodes.io/nodes/leaderboard/?q=96.42.209.68 …
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Interesting that Coinbase stands to gain from smaller block sizes, we are the largest network of off blockchain txns. Yet we still oppose it
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The reason is that we still favor decentralization for bitcoin's growth and success (bitcoin wins we win, and we're still in nascent stages)
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And small block sizes will net/net increase centralization right now, making in-network (off blockchain, same thing) txns more attractive
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@brian_armstrong Uh. What's this gibberish? *small* blocks increase centralization?
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@brian_armstrong it's not like block size is the only way to scale. This is a narrow minded view point. -
@ioptio@brian_armstrong yes, but in the short term it's needed, even long term to be able to implement other scaling systems like the LN. -
@breakingjac
@brian_armstrong why is it needed in short term or for lighting? -
@ioptio@brian_armstrong imagine a huge spike in adoption to ~5 million bitcoin users. You'd only be able to make an average of 12 tx's/year -
@ioptio@brian_armstrong 5 million users isn't even a lot. It would take months to fork bitcoin. You can't just change it when the 1/2 -
@ioptio@brian_armstrong time comes and users can't even move their money. That would be a disaster. 2/2 -
@breakingjac
@brian_armstrong these are all arguments for scaling generally. Implementing something like lightning would also solve these. -
@breakingjac
@brian_armstrong hm, the paper does note a larger block size would be necessary. Studies are needed tho, not scare tactics.
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@brian_armstrong Just as I suspected. This raising limit proposal is about raising fee revenue. No surprises there!!!Thanks. Twitter will use this to make your timeline better. Undo
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