Re:Ending Bitcoin Support
by peterkelly on Tuesday January 23, 2018 @03:19PM
(#16217245)
All BCH did was increase the block size limit from 1mb to 8mb. It solves the scalability problems in the short term, but will run into exactly the same issues a year or two from now. Then it'll be 32mb blocks, then 128mb, then 1Gb. An O(n) approach won't work in the long term.
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Yet nobody quantifies what long term is.
Forgoing a solution that works temporarily, even if only for a year or two, isn't very bright if the alternative is this. Bitcoin is quickly loosing the network effect, the only thing it has going for it vs other altcoins.
120 years.
Cryptocurrencies can be scaled to VISA levels on chain with today's hardware. And probably much further with future hardware advances. Is that "enough"?
The only argument that is ever presented is that huge blocks harm "decentralisation" - not that it cannot be done.