Friday 1 January 2016

New Year's Resolution: I will support Maxwell’s Scaling Roadmap for Core


Stop. Before you downvote, let me explain.No, I have not been hired by Blockstream (I turned down their slimy offer ;)The reason I support Maxwell’s Scaling Roadmap is because it adds finality to this debate:There will be no increase to the max block size limit by Core in 2016.If you share my view, then this is unreasonable. The block size limit needs to rise, and it needs to rise soon. Since Core has made it clear that they will not do this, the only option is to deprecate Core in favour of competing implementations.As part of my New Year’s resolution, I will stop trying to convince Core developers to change their minds. They have made their decision and I will respect that. Instead, I will work with other like-minded individuals to return Bitcoin back to Satoshi’s original vision for a system that could scale up to a worldwide payment network and a decentralized monetary system. I will also welcome existing developers from Core to join me in these efforts.The guiding principle for this new implementation is that the evolution of the network is decided by the code people freely choose to run. Consensus is therefore an emergent property, objectively represented by the longest proof-of-work chain.The final sentence of the Bitcoin white paper states:“They [nodes/miners] vote with their CPU power, expressing their acceptance of valid blocks by working on extending them and rejecting invalid blocks by refusing to work on them. Any needed rules and incentives can be enforced with this consensus mechanism.”It is this mechanism of "voting with their CPU power" that keeps Bitcoin permissionless and uncensorable. Were it possible to compel miners to run a specific application with a specific set of rules then it would be trivial for the owner of the codebase to, for example, invalidate transactions, modify the inflation schedule, block certain bitcoin addresses or IP ranges, limit the quantity of transactions in a block, or implement any other centralized policies.In other words, Bitcoin only maintains its intrinsically valuable properties of being permissionless, uncensorable, trustless, and uninflatable, precisely because the software is not, and should not be, controlled by any single governance entity.So please join me in an effort to move away from the single governance entity that presently controls and handicaps Bitcoin: Core.Let me conclude by saying that what is unfolding is the best possible scenario: we will get a significant block size limit increase in 2016 and we will decentralize development.Happy New Years everyone! via /r/Bitcoin http://bit.ly/1mUXSJy

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