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55 sats \ 22 replies \ @Scoresby OP 22h \ parent \ on: BIP 444: Reduced Data Temporary Softfork bitcoin
how do you feel about soft forks that may confiscate funds?
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If this goes through, Blockstream Coin basically becomes Shitoshi's Venture with detrimentally small blocks rather than detrimentally "make them whatever size you want" blocks.
It's funny how the Cashers became vindicated in all their claims about their currency being the true Bitcoin, alongside everything else they've said for nearly a decade... all they need was lots of time for the corporate and governmental subversion to eat away at what little remained of its facade.
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I don't think I understand what you are saying. There's nothing wrong with small blocks and Bitcoin is doing just fine. The only problem is people running around acting like we need an emergency soft fork.
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My viewpoint comes down to seeing years of seeing ongoing efforts to sidestep the actual solution to lack of scalability (increasing the block size to 2017-19 BCH levels), and instead try to push Lightning (which Blockstream alongside other paid off and/or deluded developers pivoted towards after their forceful pushing of Liquid failed at the time) as the solution, when you'd be lucky to get even 5% of BSC users to adopt at a self-custodial level without getting wrecked at either a management or application level (bugs can fuck over even the most technically versed of users).
That's on top of disingenuous arguments claiming that raising the block size would kill decentralization (lol) of BSC despite Bitcoin having no size limits originally, and the piece of code that introduced such as a temporary fix for then-real issues around double spending and blockchain drift in 2010 (which is something I touch on in an article that'll be published When It's Ready™ to @lain)... and then raising it an entire megabyte via SegWit and Taproot later on.
When I first jumped ship from one shitcoin to what I believed wasn't another shitcoin in 2021, it was under the presumption that what I thought was Bitcoin was intended to be better money solely without any added fluff or technical excess; you can even find early comments on this account and my Lain account where I joke about not being a maxi for whatever reason(s) I'd give on a per-comment basis.
I'd never be one of any currency and/or shitcoin, but especially not BSC, because I can now see how fundamentally compromised it's been by those who have no interest in it truly displacing the banking system or fiat. No one can force anyone else to pick up on that, the cognitive dissonance has to wear off naturally.
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sidestep the actual solution to lack of scalability (increasing the block size to 2017-19 BCH levels)
A block size increase scales transaction throughput linearly: 10x bigger blocks => 10x more transactions per block
You think we can scale bitcoin by continuing to increase block size, for example until we can match VISA with 65,000 tps?
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I'd rather it be one agreed upon (unlikely to occur) size that's implemented in a way that ensures both compatibility and minimum breakage; BCH is at 32 MB block sizes now, so having BSC at just half of that at 16 MB would do so much for scalability, including having most (if not all) of Lightning's functionality on-chain.
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How many transactions per second can bitcoin handle with 16 MB blocks?
(Or maybe I should say confirmations per second.)
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Most sources have it at its current 2 MB blocksize at 3-7 TPS, so multiplying the highest value gives us 56 TPS; the lowest value at 3 TPS multiplied would still give us 24 TPS, which whilst not comparable to VISA's TPS is far better than what BSC has now.
Still nowhere near BCH's 200 TPS, but an improvement would be felt. That's not even factoring in transaction fees, which aren't a thing (officially) in BCH due to its prioritization of cheap and fast transactions (most of the time), but if you wanted something confirmed instantly, you could pay 50¢ or a full U.S. dollar (or stacker pleb's local fiat equivalent) in sats if you so chose.
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Have fun with 200 TPS while I use lightning.
Fees aren’t a thing in BCH because there’s no demand.
Your instant confirmation is zero or one confirmation. You should not accept on-chain payments with just one confirmation.