Hacker News new | ask | show | jobs
by JustinAiken 3304 days ago
> So what's your position exactly? That the current issues with transfer fees and the long term usability of bitcoin are overstated?

Oh definitely not that - it's a huge problem! Places that accepted bitcoin no longer do, and bitcoin's market share is plummeting - there's no reason it every should have happened. But instead of a simple fix to the problem (upping a temporary limit put in place in 2010 - that's eight year old tech), now Blockstream is trying to push a massively complex revamping. It won't even help with the scaling problem - it only discounts Segwit enabled transactions (since Litecoin enabled Segwit, almost nothing has used it). It's primary purpose to enable second layer solutions Blockstream can consult on. Even if something like Segwit was a solution, FlexTrans is a much better way to go. Even if Segwit activated tomorrow, there'd be little-to-no backlog relieft, and Bitcoin would be forever saddled with inescapable tech debt.