Topic: [2015-06-16] FT: Bitcoin Opec favours 8MB blocksize increase (Read 418 times)
I don't completely disagree but if the transaction fee goes up too much then there is really not any advantage over traditional payments like credit cards and paypal. I think that higher transaction volume, and thus a larger block size is preferable to increasing the fees. Or at least increasing the fees substantially.
Bitcoin Opec favours 8MB blocksize increase
Full story: http://ftalphaville.ft.com/2015/06/16/2132043/bitcoin-opec-favours-8mb-blocksize-increase/
Quote
Bitcoin wants to grow. Sadly, because the Bitcoin protocol restricts the size of every block mined on the network to 1MB, it can’t scale easily. There’s a limited amount of transactions/data that can be consolidated into every block, which creates something of an artificial scarcity problem.
Some maintain good old fashioned capitalism can resolve the problem. If there’s a limit, people who want to transact quickly should pay to have their transactions/data prioritised in the chain.
Miners, especially those having a tough time covering their costs these days, favour this approach. Their view is that the sooner block size is restricted, the sooner the market will be able to find a true value for bitcoin transactions. Also, it’s not healthy for the miner network to depend on speculative inflows forever. True miner revenue would be like giving bitcoin a proper business model. It might also help eliminate blockchain spamming and free-loading.
Some maintain good old fashioned capitalism can resolve the problem. If there’s a limit, people who want to transact quickly should pay to have their transactions/data prioritised in the chain.
Miners, especially those having a tough time covering their costs these days, favour this approach. Their view is that the sooner block size is restricted, the sooner the market will be able to find a true value for bitcoin transactions. Also, it’s not healthy for the miner network to depend on speculative inflows forever. True miner revenue would be like giving bitcoin a proper business model. It might also help eliminate blockchain spamming and free-loading.
Full story: http://ftalphaville.ft.com/2015/06/16/2132043/bitcoin-opec-favours-8mb-blocksize-increase/
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