How to Make Bitcoin’s Block Size Limits Unnecessary
Justus Ranvier, crypto commentator and reviewer with Open Bitcoin Privacy Project, proposed in an essay that the idea of block size limits is based on economic fallacy. He writes that if price discovery were instead introduced to the Bitcoin network, no block size limits would be needed. In terms of application, once the “price” of any given transaction is discovered, says Ranvier, Bitcoin's nodes, miners, and users could pay one another directly for bandwidth, information and hardware-driven services via existing micropayment channels. It seems almost political: The Bitcoin block size....
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In this article I will explain how the size of Bitcoin blocks is determined in the absence of an arbitrary size limit. Oleg has already written an excellent post on this topic, but I have a few things to add and I wish to relate the discussion to the current debate over increasing the block size. If the maximum limit on block size is removed, it is not the case that blocks will simply grow without limit. There is a natural size that is determined by the market. The block size will change until the marginal revenue of adding more transactions approaches the marginal cost; this could happen....
Fresh out of jail on bail for embezzlement, disgraced Mt. Gox CEO Mark Karpeles poked fun at the Bitcoin community’s for their lack of resolution in the block size limit issue. Karpeles, in a tweet sent shortly after his release from jail, expressed his detachment from and disdain for the current state of Bitcoin, including a jab at the persisting one-megabyte block size limit debate: Block size limit still an issue, though drama has died down. The issue of whether or not to raise Bitcoin’s block size limit is a contentious one, responsible for a “splinter subreddit,” /r/btc, to emerge....
Bitcoin 0.8.6 was officially released this week and the incremental update brings a few bug fixes and some nifty features, such as relaxed restrictions on block size. The biggest changes affect block size. The maximum size of free transactions is now 1,000 bytes instead of 10,000 bytes, allowing more transactions per block. Since each block allows 27,000 bytes for free transactions, this means that as many as 27 free transactions will be available per block, up from three or less in 0.8.5 and previous releases. The minimum output requirement of 0.01 BTC has been dropped, too. The....
This week, bitcoin Jesus Roger Ver weighed in on the block size debate stating that the block size limit should be increased if it is technologically achievable. Specifically, Ver tweeted: The block size debate has been underway for some time now and a lot of developers including Bitcoin Core Developers and the Bitcoin community are getting exasperated with the current impasse. In addition, many developers are now spending a lot of time and money seeking alternative solutions. If every 1MB block were always full, it would take over 55 years to fill my new HD. Let's raise the block size....
The Bitcoin block size limit is a parameter in the Bitcoin protocol that limits the size of Bitcoin blocks, and, therefore, the number of transactions that can be confirmed on the network approximately every 10 minutes. Although Bitcoin launched without this parameter, Satoshi Nakamoto added a 1 ...