Topic: Max Block Size Limit: the community view [Vote - results in 14 days] - page 2. (Read 1938 times)
February 21, 2013, 07:54:20 AM
Thanks for this.
February 21, 2013, 06:36:10 AM
Bitcoin is now a US$300 million enterprise. You have a seat at the top table and are being asked for an opinion on a strategic direction, a high-level approach. That is why a minimum of options are presented.
"Leaving as one megabyte" could also be a rejection of any future hard-fork proposals which are not unanimously accepted by those running full nodes.
"Let Core Dev decide" could also be an abstention.
"Agree to increase" is simply consent that those with technical knowledge can go away and work out the detail, which could be anything - but it is a change. If you have technical knowledge you might want to suggest ideas. But that is jumping the gun and out-of-scope of this high-level discussion.
Future X is what is going to happen. No one knows what this will look like in detail, all we can say is that because changing the max block size is a binary decision (yes/no) then Future A or Future B will more accurately predict the state of Future X.
In the commercial space "senior user" opinion is very important. All successful enterprises need to take seriously their feedback:
https://bitcointalksearch.org/topic/m.1543934
If other senior user opinions come to light then I will link them here too.
"Leaving as one megabyte" could also be a rejection of any future hard-fork proposals which are not unanimously accepted by those running full nodes.
"Let Core Dev decide" could also be an abstention.
"Agree to increase" is simply consent that those with technical knowledge can go away and work out the detail, which could be anything - but it is a change. If you have technical knowledge you might want to suggest ideas. But that is jumping the gun and out-of-scope of this high-level discussion.
Future X is what is going to happen. No one knows what this will look like in detail, all we can say is that because changing the max block size is a binary decision (yes/no) then Future A or Future B will more accurately predict the state of Future X.
In the commercial space "senior user" opinion is very important. All successful enterprises need to take seriously their feedback:
https://bitcointalksearch.org/topic/m.1543934
If other senior user opinions come to light then I will link them here too.
February 21, 2013, 06:33:20 AM
Satoshi Nakamoto decided upon a one megabyte block size limit for Bitcoin. He viewed it as a temporary measure, but because it has remained fixed for so long it can reasonably be considered by some as a permanent limit. This means currently that the Bitcoin blockchain can not grow faster than 1Mb every 10 minutes.
If the limit remains fixed then Future A will be the road ahead. If the limit is raised or set by an algorithm, then Future B lies ahead.
Future A: Bitcoin will never handle more than 7 transactions per second. This is a tiny fraction of that handled by major payment systems. Evenutally 99+% will need to be handled by third-party services (such as Coinbase), bitcoin "banks", trusted transfer layers or even alt-chains. Only large transactions (with high fees) get included on the main blockchain. Bitcoin never makes large payment systems obsolete (Visa, Mastercard, PayPal) but full nodes can be run by individuals with moderate computing power and bandwidth. People can personally verify the integrity of the bitcoin network, even though it operates analogously to an internet backbone, but for currency, and people's transactions and holdings are held elsewhere. Mining the main blockchain will remain a niche business,
Future B: Bitcoin grows to handle hundreds or thousands of transactions per second. Perhaps Moore's Law can keep up so that some individuals can run full nodes, although lightweight nodes will be necessary for nearly all. Big companies run nodes. All transactions which people want to have on the main blockchain (with low fees) are supported. Third-party services do not have to be used unless they add value, faster confirmations, etc. Existing large payment systems will wither. Mining the main blockchain will become a big business.
It is fair to say that this subject has been exhaustively discussed in many threads. There are many arguments for and against, so people are invited to wade through the history of the debate before deciding to vote.
Any change will require a hard-fork i.e. everyone will need to upgrade their software. It will likely be necessary before the end of 2013 based upon transaction growth rates. Of course, if no change is decided upon then the limit will become a real constraint, fees will rise, zero-fee transactions will no longer be processed, third-party services must fill the gap.
Jgarzik > [PATCH] increase block size limit
https://bitcointalksearch.org/topic/patch-increase-block-size-limit-1347
caveden > Block size limit automatic adjustment
https://bitcointalksearch.org/topic/block-size-limit-automatic-adjustment-1865
barbarousrelic > Max block size and transaction fees
https://bitcointalksearch.org/topic/max-block-size-and-transaction-fees-96097
Jeweller > The MAX_BLOCK_SIZE fork
https://bitcointalksearch.org/topic/the-maxblocksize-fork-140233
Misterbigg > Why do people pay fees? Why are free transactions accepted by miners?
https://bitcointalksearch.org/topic/why-do-people-pay-fees-why-are-free-transactions-accepted-by-miners-144421
Retep > How a floating blocksize limit inevitably leads towards centralization
https://bitcointalksearch.org/topic/how-a-floating-blocksize-limit-inevitably-leads-towards-centralization-144895
notig > The fork
https://bitcointalksearch.org/topic/the-fork-145072
hazek > Why the Bitcoin rules can't change (reading time ~5min)
https://bitcointalksearch.org/topic/why-the-bitcoin-rules-cant-change-reading-time-5min-145475
If the limit remains fixed then Future A will be the road ahead. If the limit is raised or set by an algorithm, then Future B lies ahead.
Future A: Bitcoin will never handle more than 7 transactions per second. This is a tiny fraction of that handled by major payment systems. Evenutally 99+% will need to be handled by third-party services (such as Coinbase), bitcoin "banks", trusted transfer layers or even alt-chains. Only large transactions (with high fees) get included on the main blockchain. Bitcoin never makes large payment systems obsolete (Visa, Mastercard, PayPal) but full nodes can be run by individuals with moderate computing power and bandwidth. People can personally verify the integrity of the bitcoin network, even though it operates analogously to an internet backbone, but for currency, and people's transactions and holdings are held elsewhere. Mining the main blockchain will remain a niche business,
Future B: Bitcoin grows to handle hundreds or thousands of transactions per second. Perhaps Moore's Law can keep up so that some individuals can run full nodes, although lightweight nodes will be necessary for nearly all. Big companies run nodes. All transactions which people want to have on the main blockchain (with low fees) are supported. Third-party services do not have to be used unless they add value, faster confirmations, etc. Existing large payment systems will wither. Mining the main blockchain will become a big business.
It is fair to say that this subject has been exhaustively discussed in many threads. There are many arguments for and against, so people are invited to wade through the history of the debate before deciding to vote.
Any change will require a hard-fork i.e. everyone will need to upgrade their software. It will likely be necessary before the end of 2013 based upon transaction growth rates. Of course, if no change is decided upon then the limit will become a real constraint, fees will rise, zero-fee transactions will no longer be processed, third-party services must fill the gap.
Jgarzik > [PATCH] increase block size limit
https://bitcointalksearch.org/topic/patch-increase-block-size-limit-1347
caveden > Block size limit automatic adjustment
https://bitcointalksearch.org/topic/block-size-limit-automatic-adjustment-1865
barbarousrelic > Max block size and transaction fees
https://bitcointalksearch.org/topic/max-block-size-and-transaction-fees-96097
Jeweller > The MAX_BLOCK_SIZE fork
https://bitcointalksearch.org/topic/the-maxblocksize-fork-140233
Misterbigg > Why do people pay fees? Why are free transactions accepted by miners?
https://bitcointalksearch.org/topic/why-do-people-pay-fees-why-are-free-transactions-accepted-by-miners-144421
Retep > How a floating blocksize limit inevitably leads towards centralization
https://bitcointalksearch.org/topic/how-a-floating-blocksize-limit-inevitably-leads-towards-centralization-144895
notig > The fork
https://bitcointalksearch.org/topic/the-fork-145072
hazek > Why the Bitcoin rules can't change (reading time ~5min)
https://bitcointalksearch.org/topic/why-the-bitcoin-rules-cant-change-reading-time-5min-145475
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