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Author Topic: Newly Convinced That BIP100 Is The Best Solution  (Read 2088 times)
brg444
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Bitcoin replaces central, not commercial, banks


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August 27, 2015, 01:21:33 AM
 #41


Don't forget that markets like predictability. A "kick the can down the road" solution offers none. I wouldn't mind if forking bitcoin was fairly easy but as far as I know, it is not.

The smaller the change, the higher the predictability. A drastic change in any aspects of the bitcoin protocol will cause many unpredictable behavior from various participants and the future becomes very risky

This is not true for those who rely on the network to handle a lot of capacity. Having uncertainties on the capacity of the network is not good for predicting where your business is going.

Capacity of the network is flexible and excess can be routed to off-chain solutions when the need for absolute trust is not necessary.

Unintended consequences from drastic changes can cause critical breakdown in the system.

This hypothetical, highly experimental not yet delivered solution gives nothing to removes uncertainties. There is absolutely a balance to find between technical uncertainties and market uncertainties. The last one being neglected up to date.

Offchain solutions exist now. I believe transactions between Coinbase users for example are not recorded on the blockchain. Do we need improvement on that front? Absolutely. Is it coming? You bet is!

"I believe this will be the ultimate fate of Bitcoin, to be the "high-powered money" that serves as a reserve currency for banks that issue their own digital cash." Hal Finney, Dec. 2010
knight22
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August 27, 2015, 01:31:48 AM
 #42


Don't forget that markets like predictability. A "kick the can down the road" solution offers none. I wouldn't mind if forking bitcoin was fairly easy but as far as I know, it is not.

The smaller the change, the higher the predictability. A drastic change in any aspects of the bitcoin protocol will cause many unpredictable behavior from various participants and the future becomes very risky

This is not true for those who rely on the network to handle a lot of capacity. Having uncertainties on the capacity of the network is not good for predicting where your business is going.

Capacity of the network is flexible and excess can be routed to off-chain solutions when the need for absolute trust is not necessary.

Unintended consequences from drastic changes can cause critical breakdown in the system.

This hypothetical, highly experimental not yet delivered solution gives nothing to removes uncertainties. There is absolutely a balance to find between technical uncertainties and market uncertainties. The last one being neglected up to date.

Offchain solutions exist now. I believe transactions between Coinbase users for example are not recorded on the blockchain. Do we need improvement on that front? Absolutely. Is it coming? You bet is!

Being forced to use "banks" is not the proposition of bitcoin btw. Go read back the whitepaper.

dachnik
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August 27, 2015, 02:38:28 PM
 #43

But there is still 50/50 split between change and no change, I guess mostly because there is really no convincing evidence that current block size is not big enough

Here.
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