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QuantumAGI
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Why unlimited block size is still the perfect solution

Wed Oct 19, 2016 3:23 am

There remains the option of growing the block size automatically if more than X % of transactions take longer than Y hours to complete. This will ensure that a healthy fee market will still exist despite Bitcoin's unlimited potential growth. I also believe that Bitcoin will self-limit if "too large" blocks sizes poses any security issues - due to the amount of FUD that will be created...

However this is unlikely to happen as data speed and memory/storage cost will keep improving which means Bitcoin can grow at least at that rate without any loss of decentralization or orphan block concerns. I subscribe to Ray Kurzweil's interpretation of Moore's law (cost vs processing power) as it is the only one that matters for the purpose of any discussion around Bitcoin: http://www.danielcelton.com/2015/10/19/moores-law/.

Is there anything wrong with this argument?

Rmcdermott927
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Re: Why unlimited block size is still the perfect solution

Wed Oct 19, 2016 6:22 am

The only people I see this potentially hurting are people running full nodes for purposes other than mining. The blockchain is absurdly large in space at this time and would certainly grow at an even larger rate.
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coin@coin
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Re: Why unlimited block size is still the perfect solution

Wed Oct 19, 2016 9:17 am

By having blocks growing automatically gosh knows how massive that blockchain will eventually become and how quickly. This will affect everyone who'd like to run their own local wallet/node for privacy and security reasons.

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patrick.miller
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Re: Why unlimited block size is still the perfect solution

Sun Oct 23, 2016 1:37 am

I would prefer we use the space in blocks more efficiently before increasing block size. SegWit alone will create more space in a block for everyone (including people who don't use SegWit at all).

Once SegWit is rolled out, there are a number of options to increase scaling and give us a good idea of where max_block_size should or shouldn't be with Layer 2 solutions in place

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coin@coin
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Re: Why unlimited block size is still the perfect solution

Wed Oct 26, 2016 5:05 pm

I would prefer we use the space in blocks more efficiently before increasing block size. SegWit alone will create more space in a block for everyone (including people who don't use SegWit at all).

Once SegWit is rolled out, there are a number of options to increase scaling and give us a good idea of where max_block_size should or shouldn't be with Layer 2 solutions in place
I tend to agree with Patrick. Not sure what is the rush behind wanting bigger blocks. I read that most vocal supporters of bigger blocks are in it because even though we have seen more bitcoin wallets being created (meaning more users are getting into it) transaction number has not gone up. Yes there are times when transactions take longer to confirm but I personally never had one single issue and I use core quite a bit. Set the Tx Fee right and it'll get confirmed quick enough.

SegWit once fully implemented should also improve things. My main concern is having two blockchains with potentially 2 coins (depending on how it goes). It didn't do any favours to Ethereum and could also cause people to leave Bitcoin.

Also I don't understand why whoever is proposing Unlimited or Classic keeps calling it Bitcoin... Fork the thing and call it something else! There's already tons of altcoins that are faster and have bigger blocksizes... Why haven't they took off, if bigger blocks are what people believe is needed?

Food for thought.

iFixBTCmemoryIssues
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Re: Why unlimited block size is still the perfect solution

Wed Oct 26, 2016 7:18 pm

I would prefer we use the space in blocks more efficiently before increasing block size. SegWit alone will create more space in a block for everyone (including people who don't use SegWit at all).

Once SegWit is rolled out, there are a number of options to increase scaling and give us a good idea of where max_block_size should or shouldn't be with Layer 2 solutions in place
SegWit is bad, Bitcoin must stay far away from implementing it. It is malware that alters the course of Bitcoin, if you didn't know, see: https://twitter.com/ViaBTC/status/790166759084924928

The world will lose out, while banks win.

To clarify, I am all for banks in financial technology, however, you can't come in and steal protocols.
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If you are running a version of Bitcoin Core, stop using it. Upgrade to Bitcoin Unlimited or Classic immediately.

Fix Your Unconfirmed Transaction.

Vote for the future of our Bitcoin network!

iFixBTCmemoryIssues
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Re: Why unlimited block size is still the perfect solution

Wed Oct 26, 2016 7:21 pm

I would prefer we use the space in blocks more efficiently before increasing block size. SegWit alone will create more space in a block for everyone (including people who don't use SegWit at all).

Once SegWit is rolled out, there are a number of options to increase scaling and give us a good idea of where max_block_size should or shouldn't be with Layer 2 solutions in place
I tend to agree with Patrick. Not sure what is the rush behind wanting bigger blocks. I read that most vocal supporters of bigger blocks are in it because even though we have seen more bitcoin wallets being created (meaning more users are getting into it) transaction number has not gone up. Yes there are times when transactions take longer to confirm but I personally never had one single issue and I use core quite a bit. Set the Tx Fee right and it'll get confirmed quick enough.

SegWit once fully implemented should also improve things. My main concern is having two blockchains with potentially 2 coins (depending on how it goes). It didn't do any favours to Ethereum and could also cause people to leave Bitcoin.

Also I don't understand why whoever is proposing Unlimited or Classic keeps calling it Bitcoin... Fork the thing and call it something else! There's already tons of altcoins that are faster and have bigger blocksizes... Why haven't they took off, if bigger blocks are what people believe is needed?

Food for thought.
Also I don't understand why whoever is proposing Unlimited or Classic keeps calling it Bitcoin... Fork the thing and call it something else!
It's the original Bitcoin, the chain that evolves to higher blocks is considered the Bitcoin blockchain.

If you would like to dispute this, we can discuss the original white-paper which has made billions of dollars. It is why we are all here today. I am confident that if we stay on this path, it will be the winner.
Image

If you are running a version of Bitcoin Core, stop using it. Upgrade to Bitcoin Unlimited or Classic immediately.

Fix Your Unconfirmed Transaction.

Vote for the future of our Bitcoin network!

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b1980
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Re: Why unlimited block size is still the perfect solution

Sun Feb 03, 2019 8:04 pm

Two blockchains with potentially 2 coins (depending on how it goes). It didn't do any favours to Ethereum and could also cause people to leave Bitcoin.

OneChain
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Re: Why unlimited block size is still the perfect solution

Sat Apr 20, 2019 12:59 pm

There remains the option of growing the block size automatically if more than X % of transactions take longer than Y hours to complete. This will ensure that a healthy fee market will still exist despite Bitcoin's unlimited potential growth. I also believe that Bitcoin will self-limit if "too large" blocks sizes poses any security issues - due to the amount of FUD that will be created...

However this is unlikely to happen as data speed and memory/storage cost will keep improving which means Bitcoin can grow at least at that rate without any loss of decentralization or orphan block concerns. I subscribe to Ray Kurzweil's interpretation of Moore's law (cost vs processing power) as it is the only one that matters for the purpose of any discussion around Bitcoin: http://www.danielcelton.com/2015/10/19/moores-law/.

Is there anything wrong with this argument?
Well explained bro
Whichever blockchain wins, the world wins ImageImageImage

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