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RE: Bitmain Threatens Hard Fork if User Activated Soft Fork Occurs

in #bitcoin8 years ago

I'm unclear as to the alternative to splitting the coin and what that will bring about. Somebody should boil this down to Wikipedia Plain English style explanation for newcomers. Am I right to understand that some are suggesting to let nature take it's course (as it were) despite the system being clogged? Also as a newbie I'd like to know 1) did the conceivers not see this coming and 2) what does this say about the viability of cryptocurrency itself?

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There is no reason for the system to be clogged. The original vision was to scale up the size of the blocks as Bitcoin grew, with the assumption that storage, RAM, and bandwidth would increase according to Moore's Law to accommodate the scaling. Bankster-led Blockstream has halted the growth of Bitcoin by buying out and taking over the Core development team and enforcing the limit in the code to choke off the number of transactions. This is making regular p2p transactions impossible (who is going to pay a $2 fee to send $2?).

Now that Bitmain is going to start mining bigger blocks, we're going to see giant growth, as the price grows in parallel with the number of transactions. Bigger blocks = more transactions = higher price ($10,000 probably by Dec '17)

I appreciate your insight

Thank you, as I try to understand the sortfork - hardfork difference