The Block Size Debate From A Miner's Perspective
In a clearly stated analysis and opinion blog post about the costs and benefits of doing either a hard fork to a 2 MB block size limit versus going with the “Hong Kong Compromise” Segregated Witness (Segwit) upgrade, Sam Cole offers the perspective from that of a Bitcoin miner in what options lie ahead. From a pragmatic perspective, Cole gives a very clear explanation of how the Segwit solution is the much safer, simpler and easier one and all of the potential risks of failure and negative disruption that the hard fork has. However, it’s clear from Cole’s post that he believes there’s....
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As much as most people would like to think otherwise, the Bitcoin block size debate is far from over. Various new proposals have been suggested in the past, and another interesting concept was posted on Reddit earlier today. According to this user, a small block size increase should be done first, followed by the integration of Segregated Witness. Addressing the key issue as soon as possible should be the top priority for all Bitcoin developers. Based on the findings of the Reddit in question, Segregated Witness should not be the first and foremost solution to settling the Bitcoin block....
There seems to be no end in sight for the block size debate as the Bitcoin community continues to go around in circles trying to drive the same set of points home... The Bitcoin block size debate rages on. It has been almost a year since we started hearing the Bitcoin community fiercely contesting about whether to increase the bitcoin block size from the existing 1 MB or not. Both the sides have so far come up with some valid arguments, of which few are very convincing towards both the causes. Recently the “Jesus of Bitcoin”, Roger Ver wrote an article about why the Bitcoin block size....
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....
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....
/u/dpinna submitted a technical paper on the Bitcoin Subreddit to the dev-list which outlines the advantages gained by increasing block sizes. It is well known that block size has been a matter of debate for quite a while, and Bitcoin users on both sides of the argument are very passionate. /u/dpinna’s paper outlines how miner advantages actually scale up with network and mempool properties in the scenario of uncapped block sizes. Taking inspiration from uPeter__R ‘s work, /u/dpinna further explains (through evidence and mathematical models) how miners receive more benefit from scaling....