41–45 of 45 posts
Is it possible the use of "!" was used in an English sense, indicating an exclamation and not factorial?
The little-blockians want the block sizes of Bitcoin to remain small, and thus for it to be a pure decentralised currency that can be used by anyone with a computer. This would maintain it as a peer-to-peer currency, but would limit its growth. By comparison, the big-blockians believe Bitcoin should grow into a universal currency, expanding the block size to accommodate absolutely every transaction. The downside is t…
There are definitely solutions to this problem.
For one thing, we don't need to be storing the entire blockchain.
1. Digital Gold. Pseudo anonymous value storage that can't be tampered with by third parties.
2. A payment network with transaction levels that match Visa.
It appears the 2 are not compatible.
For 1 we need more nodes, and node counts from my understanding are on the way down.
For 2 we need to increase the blocksize, but this might decrease the number of people willing to run nodes.
I think we have to look at the way we use Bitcoin today, after all the experiment has been running for a few years now. I don't know anyone who is using Bitcoin for day to day spending. But I do know people who are using it as an investment or for value storage.
So in my view the market has decided.
The miners have also decided. They were offered a solution with increased blocksize and they voted no.
That's consensus.