Bram Cohen weighs in on proposal to increase the block size limit through a hard fork, with prejudice: Says it is a fake PR crisis driven by one ‘rogue developer’ (former Bitcoin lead developer Gavin Andresen) and could have disastrous consequences for Bitcoin currency — @bramcohen on Medium.com
The upcoming ‘crisis’ which is being used as a justification for a hard fork is something which it’s easy to convince people who aren’t very familiar with the technology will be a disaster. There’s a hard limit on the rate which transactions can happen, about five per second, and the transaction rate in bitcoin has been approaching that over time. We’re going to hit a wall! The sky is falling!
So what happens when that limit is reached?
Transaction fees go up.
Literally, that’s all that happens. That’s the big ‘crisis’. What’s being claimed is: Transaction fees might go above two cents! The sky is falling! I am not exaggerating.
Those who haven’t heard anything other than the reddit-centered hysteria that immediate action is needed might find this hard to believe, but it’s true.