BlindMayorBitcorn
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February 20, 2016, 05:58:41 AM
Last edit: February 20, 2016, 06:15:50 AM by BlindMayorBitcorn

It is fascinating, that anyone seriously thinking we are going to stay at 1/2/4 etc MB blockchain size.

The arguments fearing node centralization are laughable (like everyone back in 2010 - incl. Satoshi - knew). Bitcoin has like minimum a million users with PCs capable to run a node today, yet, less than 1% choose to run a node (the numbers may be waaay worse than that, like 5k "node runners" out of 5million users/holders).

Increasing the blocksize, lets say to 20 MB won't matter regarding the broadcast speed, mempool load, HDD space for the average user to run/not run a node - because they do not do it today, not even with 1MB/ avg. 10 min. They won't change a thing.

Today, if someone runs a node (or more than one) would do it even with 20 MB limits (many would do with way more hardware constrains, would even pay for it - like i do - just out of principle).
It is not technical properties, which are constrain node running, it is knowledge/care.

Does anyone with "smalblock" sentiment really thinks Bitcoin can growth even to 1% of today's financial network transaction volume without scaling the blockchain size to terrabytes in the next 5 years?

"The Blockchain" can bring so much utility besides money transactions! And that is exactly what it needs to be - and what most of us were fascinated about, land/property registry, ownership titles, escrow in an uncheatable global ledger, so no, not a settlement layer. "IT IS ON THE BLOCKCHAIN" should be a proverb for "as final as set in stone"- in the 10/100k$ area, because the account units can do more than coffee buys, yet, those daily 100,000 "coffee buys" will be the big thing to bring the first 1 billionth user. The average Joes, who so many look down here, yet, they are 95% of the population. Bitcoin needs them, we can not have a global financial system without the global....

I can not grasp, how experienced - and certainly well meaning, and i am saying this honestly and respectuflly - bitcoiners miss this point, which is: if blockchain can satisfy more than pure value transaction in its p2p concept, it will magnify in value/unit wise, which is all what WE want.

I think I disagree with this. Bitcoin is an incentives machine. Nobody should be expected to do anything on principle.