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March 08, 2016, 05:06:06 PM
Last edit: March 08, 2016, 05:22:54 PM by WolfofBitcoin |
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In my opinion, Bitcoin's short comings have already been solved from with in. It is the result of a democratic mechanism. When Hearn whined and said, "I quit," to me it was one of the funniest moments in Bitcoin's history. An introverted child who felt he actually had some authority over the protocol.
Satoshi did not choose random numbers for transaction sizes, they were proportional and commensurate with Moore's Law. Although it is just a theory, we have no indications that Moore's law has ever been violated, more or less. Logically the next evolution in Bitcoin's block size will be 2MB. This is practically written in stone and is on par with Intel's 14nm chipsets, afterwards IBM's 7nm, on and on and on.
The forward looking dynamics that takes Bitcoin to a trillion dollar asset class over 30 years is quite astounding. Play it out, do the thought experiment as the rate of creation of the money supply dwindles and transaction velocity increases. To be sustainable in 2021 we will have to process 1.2M transactions per day. This is not possible with a 1MB block height. It is a 100% guarantee.
The next logical step will be the doubling of the block height to 2MB, in lock-step with the physical memory and storage capacity constraints with hardware development. Take a 30 year perspective and watch the grass grow. It is probably one of the most profound human collaborations of all time.
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