Why is Bitcoin forking?
Mike Hearn

This bitcoin thing is all a little scary…

First off, the write-up is great. And the comments both there and here on Medium are very illustrative.

The Block Size problem seems kind of obvious and it seems like it should be really be a non-issue. A spot check of the code seems reasonable. (but this significant commit doesn’t seem to have any tests?)

What’s really scary though is the seeming difficulty on achieving consensus for such a small thing. Wrapped around the comments from all sides is a clearly disparate vision of the future of BTC. Even your comments have a specific vision of how this product will grow.

The number of unique wallets used on a daily basis is currently at about 0.0% of the world’s transaction demand. If every American had a single Unique wallet and did one transaction per day that would still dwarf the current network 300M vs 240k.

So despite all of the hype, the full BTC network couldn’t handle a basic replacement of the US dollar. It can’t even handle being a Canadian dollar. It should be able to handle Iceland with its 300k population, I’m sure they’re thrilled :)

I’m happy that you (or someone) is willing to try a “let the miners vote” style of fork. I am sad that it’s such a small change among among the true litany of changes BTC really needs to anything close to “mainstream”. I can’t imagine the fight when BTC needs to eventually do something serious like change block payouts or manage the total size of available BTC or enable some way to split the chain so that you can have multiple parallel block chains that run locally and exchange trust between them.

But what happens when the change needed by users of the block chain is no longer in-line with the interests of the miners?