"Put simply, Bitcoin is getting too big for the network Satoshi designed. As it grows, many of the exchanges that process Bitcoin payments are seeing transactions delayed, with the network’s building blocks filling up with data. A floated solution is to increase the network’s capacity, but purists argue that this would centralise power..."
So we need to increase the block size.
And that's all untrue since the latest improvements in core and the upcoming segwit.
its way to complex for the press , like internet once was way to complex to explain.
Topic: [2016-05-08] Telegraph: Satoshi Nakamoto, whoever that is, will not rescue... (Read 331 times)
May 09, 2016, 04:36:32 AM
May 09, 2016, 04:06:49 AM
"Put simply, Bitcoin is getting too big for the network Satoshi designed. As it grows, many of the exchanges that process Bitcoin payments are seeing transactions delayed, with the network’s building blocks filling up with data. A floated solution is to increase the network’s capacity, but purists argue that this would centralise power..."
So we need to increase the block size.
So we need to increase the block size.
May 09, 2016, 03:13:27 AM
What kind of an idiotic clickbait title did this journalist use? He just stated something deliberately stupid and provactive then didn't elaborate at all on why he wrote it. People like this are such fucking jokes where they make these kind of statements and then immediately run away and hide behind disabled comments pages or just block out any responses entirely.
He kind of did explain what he meant, right at the end:
Quote
...
As for Bitcoin, it could do with a leader. Before Wright came along, the community was consumed by a stand-off that threatened to destroy it, one that Wright’s intervention has done little to resolve.
Put simply, Bitcoin is getting too big for the network Satoshi designed. As it grows, many of the exchanges that process Bitcoin payments are seeing transactions delayed, with the network’s building blocks filling up with data. A floated solution is to increase the network’s capacity, but purists argue that this would centralise power...
The debate over this has been rumbling along for months with few signs of a conclusion. Vested interests have prevented much real progress, and it is unclear that Satoshi – should Bitcoin’s near-mythical creator ever really be revealed – would actually hold much sway. ...
Meanwhile, central banks and financial giants are picking some of the Bitcoin’s best parts and copying them for their own systems. The Bank of England has helped design RSCoin – a rival based on the Bitcoin technology – while Nasdaq is piloting the underlying technology to record share transactions. Satoshi Nakamoto, whoever they are, has changed the financial order, but perhaps not in the way that was intended.
As for Bitcoin, it could do with a leader. Before Wright came along, the community was consumed by a stand-off that threatened to destroy it, one that Wright’s intervention has done little to resolve.
Put simply, Bitcoin is getting too big for the network Satoshi designed. As it grows, many of the exchanges that process Bitcoin payments are seeing transactions delayed, with the network’s building blocks filling up with data. A floated solution is to increase the network’s capacity, but purists argue that this would centralise power...
The debate over this has been rumbling along for months with few signs of a conclusion. Vested interests have prevented much real progress, and it is unclear that Satoshi – should Bitcoin’s near-mythical creator ever really be revealed – would actually hold much sway. ...
Meanwhile, central banks and financial giants are picking some of the Bitcoin’s best parts and copying them for their own systems. The Bank of England has helped design RSCoin – a rival based on the Bitcoin technology – while Nasdaq is piloting the underlying technology to record share transactions. Satoshi Nakamoto, whoever they are, has changed the financial order, but perhaps not in the way that was intended.
tl;dr No viable scalability solution, no community consensus and competition from banks' own blockchain tech.
May 08, 2016, 05:24:55 PM
What kind of an idiotic clickbait title did this journalist use? He just stated something deliberately stupid and provactive then didn't elaborate at all on why he wrote it. People like this are such fucking jokes where they make these kind of statements and then immediately run away and hide behind disabled comments pages or just block out any responses entirely.
May 08, 2016, 04:15:39 PM
Satoshi Nakamoto, whoever that is, will not rescue Bitcoin
http://www.telegraph.co.uk/technology/2016/05/08/satoshi-nakamoto-whoever-that-is-will-not-rescue-bitcoin/
Quote
The mystery of Satoshi Nakamoto’s identity has had all the hallmarks of a classic thriller. A secretive genius develops a technology that changes the world, develops a cult-like following and becomes fabulously wealthy in the process, without a soul knowing who he, or she, is.
Bitcoin, unveiled by the pseudonymous Nakamoto (more commonly known as Satoshi) to an obscure internet mailing list eight years ago, now fascinates the world.
An independent, decentralised virtual currency, practically impervious to fraud or theft and with no transaction fees, it promised to liberate money in the same way that the world wide web made information free. The technology is widely accepted as brilliant: the value of all the bitcoins in circulation now totals almost £5bn, and the blockchain technology that backs it up is being studied by every major bank.
...
Bitcoin, unveiled by the pseudonymous Nakamoto (more commonly known as Satoshi) to an obscure internet mailing list eight years ago, now fascinates the world.
An independent, decentralised virtual currency, practically impervious to fraud or theft and with no transaction fees, it promised to liberate money in the same way that the world wide web made information free. The technology is widely accepted as brilliant: the value of all the bitcoins in circulation now totals almost £5bn, and the blockchain technology that backs it up is being studied by every major bank.
...
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