Topic: [2017-11-16] The Biggest Obstacle to Bitcoin Scaling Isn’t Techn.,it’s Political (Read 1545 times)
November 16, 2017, 02:35:45 PM
I agree that the politics is what is keeping bitcoin down. though thinking about it, isn't mining pools the crux of that? in satoshi's whitepaper it was advocated that "one computer, one vote" concept would rule the politics of bitcoin. mining pools broke that thought and has brought us to where we are today.
November 16, 2017, 10:34:55 AM
I fully agree. The real problem behind all of this mess is the fact that those people bestowed with the decision-making power are not united on what to do, when to do it and how to implement decisions. Technical matters can easily be found solutions but if the house is not united then Houston, we have a big problem.
The recent debacle involving the supposed attack from those pushing for BitCoinCash should be a big lesson to our Bitcoin leaders to finally sit down together and talk like a family with a united aim of putting the solutions necessary to solve the clogging in the network and to make Bitcoin ready for the future.
This is an opportunity that they should not miss, otherwise the same problem would be repeated again and again and there would come a time when people can get tired...and then it can be 'goodbye Bitcoin' which can be so sad.
The recent debacle involving the supposed attack from those pushing for BitCoinCash should be a big lesson to our Bitcoin leaders to finally sit down together and talk like a family with a united aim of putting the solutions necessary to solve the clogging in the network and to make Bitcoin ready for the future.
This is an opportunity that they should not miss, otherwise the same problem would be repeated again and again and there would come a time when people can get tired...and then it can be 'goodbye Bitcoin' which can be so sad.
November 16, 2017, 10:01:38 AM
Bitcoin is accustomed to taking flak from non-believers. It’s been declared dead more times than most people care to count, and will continue to be written off long after dissenting CEOs have conceded defeat and quietly bought BTC. The latest group to take potshots at bitcoin aren’t external actors with little understanding of the protocol, however – they’re insiders who were once its biggest supporters. The cause of much of the commotion? Scaling.
A Schism in the Church of Bitcoin
If there’s one thing everyone can agree on, it’s that the blockchain is in desperate need of an upgrade. As new users pile in by the hundreds of thousands, the network has struggled to contain the strain. In the early days of bitcoin, few balked at a transaction taking 30 minutes to confirm. But for businesses today seeking to use bitcoin as a global payments system, that wait must seem as interminable as downloading a movie in the dial-up days.
Pool’s Closed
Of course, the scaling debate isn’t just about speed: it’s also about fees. When Segwit was implemented back in August, one feature it hindered was near-instant transactions for small purchases such as a cup of coffee. Exacerbated by rising fees, bitcoin has become unsuitable for small transactions. As the bitcoin network has struggled, bitcoin cash with its 8MB blocks has gleefully stepped up to the plate and proffered itself as an ideal candidate for fast and low-cost transactions.
With bitcoin fees hitting an all-time high, over 130,000 unconfirmed transactions in the mempool and some transactions taking days to complete, bitcoin is screaming out for a scaling solution. Critics have called bigger block sizes an arbitrary and inelegant scaling approach that’s simply kicking the can down the road. It appears to have done the trick for bitcoin cash so far, however, and will soon be working for Dash, whose latest release includes an upgrade to 2MB blocks.
Full article: https://news.bitcoin.com/biggest-obstacle-bitcoin-scaling-isnt-technical-political/
A Schism in the Church of Bitcoin
If there’s one thing everyone can agree on, it’s that the blockchain is in desperate need of an upgrade. As new users pile in by the hundreds of thousands, the network has struggled to contain the strain. In the early days of bitcoin, few balked at a transaction taking 30 minutes to confirm. But for businesses today seeking to use bitcoin as a global payments system, that wait must seem as interminable as downloading a movie in the dial-up days.
Pool’s Closed
Of course, the scaling debate isn’t just about speed: it’s also about fees. When Segwit was implemented back in August, one feature it hindered was near-instant transactions for small purchases such as a cup of coffee. Exacerbated by rising fees, bitcoin has become unsuitable for small transactions. As the bitcoin network has struggled, bitcoin cash with its 8MB blocks has gleefully stepped up to the plate and proffered itself as an ideal candidate for fast and low-cost transactions.
With bitcoin fees hitting an all-time high, over 130,000 unconfirmed transactions in the mempool and some transactions taking days to complete, bitcoin is screaming out for a scaling solution. Critics have called bigger block sizes an arbitrary and inelegant scaling approach that’s simply kicking the can down the road. It appears to have done the trick for bitcoin cash so far, however, and will soon be working for Dash, whose latest release includes an upgrade to 2MB blocks.
Full article: https://news.bitcoin.com/biggest-obstacle-bitcoin-scaling-isnt-technical-political/
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