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RE: The Beginning of the End for Bitcoin?

in #bitcoin8 years ago (edited)

This is why Bitcoin will most likely be left in the dust by an alt. They're trying to activate Segregated Witness right now, which will increase blocksize (in a way) about 80% by splitting transaction and signature data (which are currently both held in a single block). Functionally 1.8mb blocksizes. That's not nearly enough to ease the congestion. They refuse to increase the on-chain blocksize because Core wants to maintain tight control over Bitcoin, they want to be the masters of it. There is a conflict of interest because many Core members are also working for a private company called Blockstream, which is tasked with improving Bitcoin transaction speeds through centralized methods.

They desire a more centralized side-chain solution to increase transaction verification speeds that they will have control of, like their Lightning Network. Sorry, nobody wants centralized crypto solutions. Coins like Monero already have dynamic blocksizes based on network congestion, whereas Bitcoin is stuck at 1mb blocksize even though this problem was evident 4 years ago. Too much internal drama at Core, top developers leaving because of dysfunction, remaining developers saying that 18 dollar transaction fees are okay. Does this look like the e-currency of the future? Not to me. No thanks.

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