⚫ Image source (image from WeChat):
⚫ Bitcoin Cash Hashrate Pie Chart (from Nov 4, 2018):
⚫ 21 MB block mined on Bitcoin Cash. Bottlenecks prevented larger blocks from being mined:
⚫ Amaury Séchet @ BCH Devcon Amsterdam 2018 (use the timestamps in the top-pinned comment):
“Yes, so I agree, we need to get beyond 32 MB at some point. But I’d like to put things in perspective. 32 MB is PayPal level volumes of transactions. So it’s already— you are a worldwide payment system. You are not THE payment system and the money of the world, but you are pretty damn big. So we are there.
The problem is we know if we go beyond that actually the software doesn’t work at all. Like, there is a bunch of problems in the software that make it so that it doesn’t quite work. And so, if you just increase the blocksize and you don’t change those other stuff, the only that you achieve is that you increase your attack surface. Because, there are all kinds of those vectors that become 4 times as bad if they are linear, 16 times as bad if they are quadratic, and so on.
And so it doesn’t seem like a very rational decision to increase that limit to increase your attack surface when you effectively cannot handle that transaction volume because of other limitation in the software.”
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“So we prioritize the work in a bit of a different way. So Bitcoin Unlimited prioritizes the work to work on the most immediate bottleneck first. So the first bottleneck we hit they work on it and then they go to the next one. In Bitcoin ABC we have prioritized things in a way that is a bit different where we prioritize the bottleneck that is the harder to fix first. Because the way we see it is the ecosystem is quite small right now. And so those smaller expensive changes are—any kind of change becomes more expensive as the ecosystem grows. So if we do the most expensive change that needs to happen to scale properly now, the cost is less big. Because by the point we grow enough so that we hit that bottleneck, it is also very likely we will be big enough so that the cost is prohibitively high to fix those. And this is more or less what happened with the block size. In like 2012, 2013 or so, people started talking about the block size. And everybody was like, “you know—we don’t really care. The block size is less than 100kb. When they get bigger we are going to fix it. No problem. Everybody agrees.” Right? This was what everybody was saying at the time. But then when we got close, we saw that we had a bunch of new actors in the space—many of them did not want to do because they had the business plan that was aligned with the fact that there is a limit. And generally there are more people to convince as well. So we found ourselves in a position where is became very, very difficult to raise the block size, and we ended up having to fork to make that happen. So we very much don’t want to find ourselves in the same situation again for other elements that limit scaling. And this is why we have been focusing on those elements that are the most expensive to fix.”
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“I would argue though that saying, “Ok, we’ve raised the block size to 128 MB” when we cannot really handle it. And say, “Ok, we can handle that.” And then maybe one of those businesses is going to actually try and everything breaks down. It’s probably even worse than saying “We do 32 MB.”
So, I would be very much of the opinion that we need to raise it as much as possible to avoid this kind of issue, but I would rather not advertise something that we cannot do. “
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Disclaimer: The views expressed in this video are strictly my own and are not to be construed as trading advice. Do not buy, sell or otherwise trade cryptocurrency based on the content of this video. I am merely sharing what I have done and what I would do in various situations as an educational tool only.
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💗 Twitter: (@ColinTCrypto)