Bitcoin’s Block Size Debate Has 2 Failure Modes, Critics Say

Bitcoin’s Block Size Debate Has 2 Failure Modes, Critics Say
фото показано с : cryptobriefing.com

2020-5-21 08:36

Two cryptocurrency critics have weighed in on Bitcoin’s ongoing block size debate, arguing that a middle ground is best. Anywhere outside this middle ground and Bitcoin risks undue centralization.

Hasu’s Flowchart

Hasu, a cryptocurrency researcher at Uncommon Core, summarized the debate with a simple flowchart:

The blocksize debate in a nutshell: pic.twitter.com/aEh7BuCaGD

— Hasu (@hasufl) May 20, 2020

On one hand, if block sizes are too small, users may need to pay higher fees for their transactions to be included in a block—or they may need to wait longer for their transactions to be confirmed.

On the other hand, if block sizes are too large, that could cause troubles for miners, who would need to provide more disk space and more network bandwidth in order to power the network.

In either case, unwieldy sizes could cause users to turn to third parties such as Coinbase or BitPay to handle their transactions—giving a few large companies centralized control over Bitcoin.

“The Bitcoin Bathtub”

Zooko Wilcox, the CEO of Zcash, noted that this flowchart is similar to another diagram proposed circa 2015 by Tadge Dryja, a lead researcher at MIT’s Digital Currency Initiative:

Under this view, extremely small blocks would require Bitcoin to carry out very few transactions. For example, 1 KB blocks might only allow 100 transactions per day. That would, in turn, require just a few large companies to handle transactions on behalf of users.

With large block sizes, only a few large institutions would have sufficient computer resources to verify transactions. Once again, those institutions would control Bitcoin.

Dryja originally noted that these numbers are not practical suggestions—just an illustration of the most extreme possibilities.

The Block Size Debate

This debate has been central to Bitcoin for years.

At least two Bitcoin forks have been born out of the matter. Bitcoin Cash, which split in August 2017, currently has a maximum block size of 32 MB. Bitcoin SV, which split from Bitcoin Cash in 2018, currently has a maximum block size of 2 GB.

Earlier (and now defunct) Bitcoin forks such as Bitcoin XT and Bitcoin Classic also attempted to confront the issue.

Although the debate has been important historically, there are no high-profile changes underway at the moment.

Bitcoin itself has settled on a maximum block size of 1 MB, extended by Segwit, which increases capacity in a more restricted way.

The post Bitcoin’s Block Size Debate Has 2 Failure Modes, Critics Say appeared first on Crypto Briefing.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Bitcoin (BTC) на Currencies.ru

$ 96818.92 (+0.03%)
Объем 24H $99.627b
Изменеия 24h: 2.27 %, 7d: 9.74 %
Cегодня L: $94006.77 - H: $98156.69
Капитализация $1914.838b Rank 1
Цена в час новости $ 9047.22 (970.15%)

bitcoin critics ground middle block size debate

Источник: cryptobriefing.com

bitcoin critics → Результатов: 126


Ripple CEO blasts concentration of Bitcoin miners in China, but his critique misses the mark

It’s no secret that the majority of Bitcoin’s miners are located in China, with the geographical centralization of this mining power being a go-to critique for the cryptocurrency’s critics. This sentiment was recently echoed by Ripple CEO Brad Garlinghouse, who explained in a recent interview with CNN’s Julia Chatterley that the heavy concentration of miners […] The post Ripple CEO blasts concentration of Bitcoin miners in China, but his critique misses the mark appeared first on CryptoSlate.

2020-2-18 08:07


Lightning Works: Bitcoin Podcaster Finds Restaurant Shunning Banks for BTC

Since Bitcoin was launched in early 2009, it has been the subject of backlash from many critics. Common criticism includes the age-old argument that “Bitcoin is backed by nothing,” the assertion that the cryptocurrency is “only used by criminals, gamblers, and adult entertainment addicts,” and the belief that the use of the Bitcoin network is.

2019-12-22 20:15


Фото:

Critics Savage Research Paper Alleging Lone Whale Caused Bitcoin’s 2017 Rally

Crypto commenters have torn into a new research paper alleging a single whale caused bitcoin’s 2017 price rally. The paper, reported prominently in Bloomberg and the Wall Street Journal, has been criticized for failing to understand that mass inflows of tether (USDT) to the cryptoconomy are not indicative of a single source accounting for all […] The post Critics Savage Research Paper Alleging Lone Whale Caused Bitcoin’s 2017 Rally appeared first on Bitcoin News.

2019-11-5 04:00


Bitcoin Volatility too High to Sustain Growth for New All-time High

Volatility has been a major issue with Bitcoin and has been a major weak point exploited by its critics to say it is no good. Even though the number one cryptocurrency has made significant progress in 2019, at a point rising to about 4 times its December 2018 price, senior commodity strategist at Bloomberg Intelligence […] The post Bitcoin Volatility too High to Sustain Growth for New All-time High appeared first on ZyCrypto.

2019-8-8 12:58


VanEck official points out Steve Mnuchin’s 180 on US Treasury’s report on fiat currency and frauds

The main argument used by many critics of cryptocurrencies is that digital assets are used for fraudulent and nefarious activities. This was recently cited by Steve Mnuchin, the United States’s Treasury Secretary, who said that Bitcoin and the rest of the cryptocurrency market would be subject to the same level of jurisdiction that fiat money […] The post VanEck official points out Steve Mnuchin’s 180 on US Treasury’s report on fiat currency and frauds appeared first on AMBCrypto.

2019-7-20 22:30


дальше еще 77 новостей →

Партнеры Currencies.ru

Аналог Notcoin - Blum - Играй и зарабатывай Монеты



Реклама на Currencies.ru

Самое свежее на Currencies.ru

Traders dump Cardano and IOTA as they move to Vantard

Cardano and IOTA, two of the best-known players in the crypto industry, have underperformed the market over time as they evolved into ghost chains. A ghost chain is a blockchain whose coin is popular, but one that lacks a supportive ecosystem.

Crypto fear and greed index dive as focus shifts to Vantard

The crypto fear and greed index continued falling, reaching its neutral zone of 56, as most coins retreated.   Bitcoin moved to $68,000, much lower than this month’s high of $73,500. Similarly, Ethereum token fell to $2,400, while the total market cap of all cryptocurrencies dropped to $2.

Why experts are backing cryptos like Vantard, MEW, and Popcat

Cryptocurrency prices are doing well this year, with most of them outperforming traditional assets like the S&P 500, Nasdaq 100, and the Dow Jones. These indices have all jumped by over 15%, while Bitcoin has risen by almost 60%, and is hovering near its all-time high.

Growing number of Solana and Cardano investors are investing heavily in this utility token under $0.08

A growing number of smart money crypto investors are shifting their focus from Solana (SOL) and Cardano (ADA) to an emerging utility token priced under $0.08. The Rexas Finance token offers a unique value proposition with strong use cases in decentralized finance (DeFi) and real-world asset tokenization, making it an attractive alternative to more volatile […] The post Growing number of Solana and Cardano investors are investing heavily in this utility token under $0.08 appeared first on CoinJournal.