Good analogy, but I have always found it a bit difficult to understand how people fell for a 1MB limit in 2010 - when computational scarcity was already a thing of the past. Its not like they couldnt foresee that it would become a bottleneck soon down the road.
At the time Bitcoin was just a few people running the software on consumer laptops and desktops which was not providing much hashpower. Satoshi wanted to prevent potential bad actors from renting out a massive server farm to spam attack the network with 1GB blocks which would have basically stopped Bitcoin dead in its tracks in those early days.
Satoshi left instructions for how to gradually increase and eventually remove the limit altogether, but Blockstream insisted on making it permanent. Bitcoin Cash is now at a 32MB limit and will be changing to dynamic block limits later this year.
If I remember correctly, wasnt there a point where a huge transaction was in the queue that was going to grind the whole Bitcoin to a halt which forced them to make the change quickly? Or was that something else unrelated to block size?
Good analogy, but I have always found it a bit difficult to understand how people fell for a 1MB limit in 2010 - when computational scarcity was already a thing of the past. Its not like they couldnt foresee that it would become a bottleneck soon down the road.
At the time Bitcoin was just a few people running the software on consumer laptops and desktops which was not providing much hashpower. Satoshi wanted to prevent potential bad actors from renting out a massive server farm to spam attack the network with 1GB blocks which would have basically stopped Bitcoin dead in its tracks in those early days.
Satoshi left instructions for how to gradually increase and eventually remove the limit altogether, but Blockstream insisted on making it permanent. Bitcoin Cash is now at a 32MB limit and will be changing to dynamic block limits later this year.
If I remember correctly, wasnt there a point where a huge transaction was in the queue that was going to grind the whole Bitcoin to a halt which forced them to make the change quickly? Or was that something else unrelated to block size?
Doesn't ring a bell. What time frame was that?