Coinbase CEO disagree with "The Bitcoin Roundtable Consensus Proposal"

[OmegaStarScream]

https://medium.com/@barmstrong/the-bitcoin-roundtable-consensus-proposal-too-little-too-late-e694f13f40b#.ys0fqjis1

What do you think guys ? I personally agree with him about the second point "2. July 2017 is too far away to raise the block size"

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[Amph]

i don't, why suddenly there should be a need for 2mb when we were remained for so long without it, july is still too close for all the blocks to be saturated

it seems a fair target around the halving, so many will notice more the need to hard fork, and you don't get that some will forget to upgrade...

[thejaytiesto]

This is like a kid that get told by his parents that something cannot be done but he wouldn't accept it and starts getting annoying. No matter what happens there will always be people pushing their agendas even tho consensus is meet.

[Jet Cash]

Increasing the blocksize seems to be an unsophisticated solution that will have a limited effect. I believe it will lead to an increase in centralisation as block finding rewards decrease. SegWit ands side chains should provide a short term solution, and provide a basis for future growth. This gives a breathing space whilst a solution to the current delays caused by the 10 minute block interval can be debated.

[Lauda]

Why are you even reading his nonsense? He will get to you. He's just mad that he can't push his own agenda (e.g. more control/oversight of the development). Keep in mind that his very own CTO signed the Core roadmap, yet Brian insists on controversial HF's.

This gives a breathing space whilst a solution to the current delays caused by the 10 minute block interval can be debated.

That won't be changed. This is also not the cause of any problems actually.

No matter what happens there will always be people pushing their agendas even tho consensus is meet.

r/btc is going up in flames right now, everyone is being attacked.

[European Central Bank]

If I were him I'd be trying to be more constructive and collaborative. I do think nearly a year and a half away is too long for more capacity.

[Lauda]

If I were him I'd be trying to be more constructive and collaborative. I do think nearly a year and a half away is too long for more capacity.

You should see capacity increases as soon as Segwit is deployed. Deployment depends on the miners and should happen anytime after April. I have no idea why you would think that there is going to be no increase for a year and a half.

[franky1]

If I were him I'd be trying to be more constructive and collaborative. I do think nearly a year and a half away is too long for more capacity.

You should see capacity increases as soon as Segwit is deployed. Deployment depends on the miners and should happen anytime after April. I have no idea why you would think that there is going to be no increase for a year and a half.

lol capacity increases as soon as segwit is deployed.. and then a couple months later reduced as new features get added to the mix to add more data back into it.

lauda.. try reading some code and understanding it better.. maybe reading a C++ book will help you get started. and no dont go for a java book or you will just be wasting your time.

the whole 2mb block size debate has been going on from summer 2015 and core want to make people wait until summer 2017..

thats like having a 65yearold(bitcoin 6.5 years old summer 2015) man ask for viagra, dr's argue with him about possible health implications and only giving in and handing him a prescription when he is 85(bitcoin 8.5 years old summer 2017) because they finally realise that its a health benefit and the risks are negligable

how about put the code in the april release with the consensus rules. that way those upgrading in april dont need to upgrade again in july 2016 and then dont need to upgrade again the year after.. then everyone after april can be happy that the april release has the settings ready. avoiding constant upgrades

if the argument is about the time it takes to get everyone to upgrade. then get the code in sooner so people dont need to constantly upgrade which in itself is adding to the delay.

why oh why does the code need to be added in july 2016 and not april?

[brg444]

the whole 2mb block size debate has been going on from summer 2015 and core want to make people wait until summer 2017..

Actually December 2015.

[brg444]

Coinbase CEO is a mental midget

[pedrog]

I thought block increase was summer 2016...

We are fucked!

No major adoption for another 1.5 years, that's like an eternity in Internet time!

[Lauda]

I thought block increase was summer 2016...

We are fucked!

No major adoption for another 1.5 years, that's like an eternity in Internet time!

Segwit gives you almost the same amount of increase in transaction capacity as a 2 MB block size limit. What are you complaining about?

[LFC_Bitcoin]

When it comes down to it does anybody really give a shit what he thinks?

[pedrog]

When it comes down to it does anybody really give a shit what he thinks?

Well, he is the CEO of the most valuable bitcoin company, with more than 2 million users, if someone knows what bitcoin companies need to grow it's him, so I guess his opinion should be taken into consideration.

[franky1]

the whole 2mb block size debate has been going on from summer 2015 and core want to make people wait until summer 2017..

Actually December 2015.

actually before that. but it was only in december that it got turned and twisted into a core vs competitor political debate.
(hint: google has the answer, "2mb bitcointalk" search february 2015 -september 2015 and below is just some examples)

bip, 23rd june 2015 https://github.com/bitcoin/bips/blob/master/bip-0102.mediawiki

random chatter july 2015: https://bitcointalk.org/index.php?topic=1129477.0
random chatter August 2015: https://bitcointalk.org/index.php?topic=1161263.0

[illyiller]

For people who think summer 2017 is unreasonable: what exactly do you think is going to happen if we don't get an increase sooner, and what proof do you have?

[squatter]

For people who think summer 2017 is unreasonable: what exactly do you think is going to happen if we don't get an increase sooner, and what proof do you have?

i heard a giant asteroid called mainstream adoption will hit planet bitcoin and if we don't raise the block size limit soon it will destroy us all.

see: mike hearn's blog

[franky1]

For people who think summer 2017 is unreasonable: what exactly do you think is going to happen if we don't get an increase sooner, and what proof do you have?

more bottlenecking, higher fee's. lots more complaints of people waiting upto an hour. word of mouth gets out that bitcoin is losing all of the aspects that made it special. (virtually free transactions, no corporate control, fast transactions)

with the FIAT economy pushing forward with faster payment methods and allowing virtually free transfers between parties.. bitcoin is losing its utility.
the real funny thing is that 2mb could have even as far back as last year been implemented into any persons client.. but core lovers argued that 2mb was bad and would kill bitcoin. lots of doomsday scenarios and propoganda.. but as soon as core said they would do it.. suddenly no doomsday scenario..

but core is delaying it still. and that makes the so called decentralized community appear to be fully reliant on blockstream.. much like most fiat users are reliant on Visa

[exstasie]

For people who think summer 2017 is unreasonable: what exactly do you think is going to happen if we don't get an increase sooner, and what proof do you have?

more bottlenecking, higher fee's. lots more complaints of people waiting upto an hour. word of mouth gets out that bitcoin is losing all of the aspects that made it special. (virtually free transactions, no corporate control, fast transactions)

Higher fees = how much? Prohibitively high? If so, how do you know?

Since when were bitcoin transactions supposed to be free? It may have been so when no one was using it, but could you point me to where Satoshi said in the whitepaper anything about transactions being free or "virtually free?"

Transactions are still instant. They will still be instant. How quickly you want it to confirm is up to the sender and the market. Which leads me back to my first question: will fees be prohibitively high? How do you know? How do you know that people won't batch micropayments, send less transactions that inefficiently use block space? In the future, of course, there will be LN for such things.

[adamstgBit]

https://medium.com/@barmstrong/the-bitcoin-roundtable-consensus-proposal-too-little-too-late-e694f13f40b#.ys0fqjis1

What do you think guys ? I personally agree with him about the second point "2. July 2017 is too far away to raise the block size"

i don't think this is a valid objection,

segwit will effectively double block size ( or 1.5X ? wtv,  huge increase none the less )  and this should give much breathing room until July 2017. Do they expect TX volume to go up overnight? I expect it'll take ~a year to start filling these new blocks to the max again at which point the HF increase will be rolled out.

a year goes by fast...