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RE: We can now use Visa to pay Bitcoin network transaction fees!

in #bitcoin8 years ago

If you love Bitcoin and want to see it become a currency used all over the world, it is time to reject the insane economic policies of Blockstream and Core, and support Bitcoin Unlimited instead.

I do agree that blocks could be bigger but the proposal of making blocks unlimited size and letting the network find a consensus for the limit seems like a disaster waiting to happen.

Personally I'd want to see a bump to 2MB in the short term. I think miners would be much more willing to do this now, as they may see the potential in collecting more fees.

Furthermore, I think a large and overlooked component of the recent mempool and fee swelling is well-intentioned but poorly implemented BTC clients that attempt to intelligently calculate a reasonable fee for a transaction. The end result, as we can see watching new transactions scroll by on a website like https://tradeblock.com/bitcoin is an automated inflation of fees beyond what would happen if these clients weren't in play. I think a piece of low hanging fruit in the BTC network is to improve how the clients calculate or estimate fees and additionally make it clear that if you're not in a hurry, a lesser fee may be acceptable.

I've just sent you a transaction over the Steem network to illustrate its speed. As people invested in BTC, we want it to succeed but there is no guarantee. Maximalism is clearly not a tenable position as newer ideas and tech overcomes problems and limitations of the old. Steem is quite different from BTC but it shows that there are other possibilities that can make a real difference in bringing cryptocurrency to a usable state for everyday people.

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Nicely stated. Why not SegWit now for the malleability fix, the innovation, and a blocksize efficiency bump, with a firm window for 2MB blocksize if blocks continue to be full (not counting dust)? Unlimited blocksize contentious hard fork will probably be a disaster of unlimited size. Better a contentious soft fork than contentious hard fork IMO.