I dont think we'll see many replies here, people are too busing making fud threads while not proposing any solution. Then again, what gentlemand said is a problem, if we'll need more and more forks it doesnt sound good. Hopefully if they make a fork, it's a fork that is self adaptive to this problem so we don't need to ever fork again.
the proposed alternative are not good enough, hence the only solution is to go ahead and making this change, other 4 devs are worried that in the future it might be necessary to fork again because 20mb would not be enough, but with 20MB we are in the same boat as visa or mastercard(if i'm not mistaken, don't remember they number of transaction per second), talking about transaction per second, worse case we should do 30 mb right now
20MB gets Bitcoin nowhere even close to VISA/Mastercard processing abilities.
Visa on a regular day processes 2-3000 tx/s, and has a peak capacity of about 40,000 tx/s
20MB blocks give Bitcoin a theoretical capacity of about 140 tx/s, in practice it will be more around the 70tx/s
For Bitcoin to have the same capacity as VISA alone on a normal day, would require block sizes of around 500MB, to be able to handle VISA peak of 40,000 tx/s, blocks would need to be about 10GB
tnx for giving me the exact numbers, then if those are correct we only need another fork for 400-500, with another rise of x20, i don't find this to be a big problem like the others 4 dev are claiming, and complaining about
No problem.
It could become a big problem, read my post further up in this thread. If Bitcoin was to become truly mainstream in the next 1-2 years, then technologies required such as connection bandwidth, CPU power, and storage to support that load, could be priced out of the "guy on the street" budget range. If normal users are not able, or willing, to run full nodes and ensure real decentralization, then you end up in a mess.
I'm not anti-fork, nor am I really bothered which "stick" everyone ends up running with, but the problem remains that BTC can not scale to be a general world currency.
The only solution is a distributed ledger of some form, but on a single block chain, that is not possible to do. Side chains could be classified as a form of distributed ledger, and may work to some degree of success, but its more of form of partitioning rather than distribution, because you can not be sure that all side chains are using compatible properties or protocols to directly interact with each other, and so there is additional overhead to enforce this.
To achieve load capabilities that will allow any crypto-currency to truly become a mass market, general world currency, and stay true to the original ideals of Bitcoin as a (100% decentralized), said currency must be developed from the beginning with a viable, working distributed ledger solution in mind.
With BTC, there is no solution, period. Increasing the block size will never solve this problem if BTC was to become truly mainstream, due to the required block size to cope with 100's - 1000's of transactions per second loading. If block sizes are in the 100MB+ to deal with that kind of load, the end result is more centralization, and less full nodes on the network due to the costs and inconvenience of maintaining/running a full node. The block chain size can be mitigated with some form of pruning, but you still have the bandwidth and processing requirements to ensure full nodes are able to deal with those high transaction loads.
But didn't satoshi wanted Bitcoin to (ideally) become a world currency capable of dealing with said volume? I don't think he wanted Bitcoin to stay some small niche payment method.
I can't speak for Satoshi, nor his long term intentions, but you need to remember that Bitcoin was/is just experiment.
If I was Satoshi and had all these ideas, Bitcoin in its current incarnation would of been the first step, a proof of concept, and not the final end game. I'm certain that he was aware of its limitations, he was a smart guy, so would also know that to achieve global currency status would require some later refinement, revisions and work.
I think what is more likely is that Bitcoin ran away from him before he had a chance to get to that point, it got more attention than he thought it would and got nervous about the implications.