Re:Bitcoin Halving Just Occured
by zhoujianfu on Monday May 11, 2020 @05:08PM
(#23147098)
No, he was right.. what changed since then was who maintains bitcoin. They stubbornly refuse to raise the max block size past 1MB, despite Satoshi putting it in as a temporary bug fix back when the average block size was more like 1KB. Bitcoin could easily scale larger than visa with sub-penny fees today simply by upping or removing a hard-coded constant. It’s insanity imho.
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There's a coin that purports to be the real Bitcoin doing just that. What's the adoption rate of that coin again?
Re:Bitcoin Halving Just Occured
by fidelramos on Tuesday May 12, 2020 @04:20AM
(#23151669)
You refer to Bitcoin Cash (BCH) [1]. You are right that it split from Bitcoin BTC to follow the original scaling plan: increase the maximum block size and improve the software to make such bigger blocks work in a P2P network. Its adoption has been slow, but don't forget that it had to begin from scratch, as BTC was the one who retained the network effect. That's one of the difficult problems of cryptocurrencies: bootstrapping.
The big question for me is where would we be today if Bitcoin BTC hadn't sidetracked the original scaling plan and its adoption hadn't stopped in its tracks 3 years ago. Remember when Steam accepted Bitcoin? Microsoft Xbox Online? Dell? NewEgg? It was almost every week I read about some big company starting to accept Bitcoin. Then when they realized people were not using it because of the raising transaction fees and long confirmation times they dropped it.
Actually the same person is maintaining Bitcoin. Satoshi is Adam Back, co-founder and CEO of Blockstream.
Citation needed.