After last week fall (on 25th of March Bitcoin Price hit 899.97$), Bitcoin seems back stronger and harder than ever.
While we are writing, Bitcoin is sold at $1,050.951 on Kraken Exchange and seems to keep growing. But what does it mean?
Basically, it means that except some few extremist (who takes Bitcoin like a religion) normal people actually don’t care about Bitcoin future. In the past days there was a giant injection of capital in Bitcoin network (
If we try to see Bitcoin like a Wall Street share, its price should unavoidably fall. Bitcoin was created to be a coin (a damned good coin), anyway, it is losing its mainly features that made it so good like a coin. Several (tons) of transactions not confirmed (you can take a look yourself using Blockchain.info tools), fees higher than credit cards and a horrible governance.
Yes, because now the main enemy of BTC is not Governments or some big and bad Central Bank, is its own governance team, aka “Core Dev Team”. All the current mess about Bitcoin Core, Bitcoin Unlimited, Hard Fork, Block Size etc. could be easily fixed in minutes, anyway there is always a part of a community who claims something about the “original code..”, “satoshi said..” as excuses to don’t change anything.
I decided to try to take a look deeper inside this “philosophical” question.
I started with our best friend: Google! And the main question was: “What Satoshi had to say about this?”
After some time searching, this is what turned out:
- The original limit to 1MB was imposed by Satoshi back in 2009-10. The creator of BTC imposed this limit to prevent the blockchain from the potential DoS attacks by hackers who could try to freeze the network by creating blocks of uneven or massive size. If a block exceeds this limit, it’s automatically rejected by the network.
- Satoshi (who was several things, but certainly not stupid) literally said (about blockchain size): “We can phase in a charge later if we get closer to needing it”- original Satoshi post on bitcoin talk forum.
Applying this patch will make you incompatible with other Bitcoin clients.
+1 theymos. Don’t use this patch, it’ll make you incompatible with the network, to your own detriment.
We can phase in a change later if we get closer to needing it.
Yes, these two points are “guilty” to be the causes of the actual mess.
Anyway, you have to keep in mind that these 2 points were sentenced when the BTC network was used by thousand of people, not MILLIONS like now. Today, if someone would try to freeze the network with tons of micropayments, he should need a giant amount of money, couse the network’s size increased drastically during the past years. When Satoshi wrote the previous comment, the problem was to spread Bitcoin, not how to manage efficiently tons thousand of transactions per day.
After some researchers, it’s clear that every attempt to keep a small block size is pure nonsense, and affirming that Bitcoin will be divided in two, different and weaker coins, is pure phycological terrorism. This could only happen after several GIANT efforts, and for someone will, NOT due markets will.
Original code or not, if we want to see Bitcoin keep on rising and try to use it for everyday purchases something has to change.
Ah, I was going to forget: most parts of Bitcoin Core Team members were hired by Blockstream, and before hiring they agreed with block size increase. (you can verify it by yourself, just ask our best friend: Google!).
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