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Bitcoin Fork Divides Community
HughPickens.com writes: The Bitcoin community is facing one of the most momentous decisions in its six-year history. The Bitcoin network is running out of spare capacity, and two increasingly divided camps disagree about what, if anything, to do about the problem. The technical issue is that a block, containing a record of recent transactions, currently has a 1MB limit. Increasing the block size would allow more transactions on the network at once, helping it to scale up to meet growing demand. But it would also make it more difficult for ordinary users to host full network "nodes" that validate new transactions on the network, potentially making the digital currency more centralized as a result. Now Rob Price writes that two high-profile developers have released a competing version of the codebase that risks splitting the digital currency in two.
Gavin Andresen and Mike Hearn have released Bitcoin XT, an alternative version of the core software that supports increasing the block size when required. Bitcoin users will now be forced to decide between "Bitcoin Core" and Bitcoin XT, raising the prospect of a "fork," where the digital currency divides into two competing versions. According to Price, Core and XT are compatible right now. However, if XT is adopted by 75% of users by January 2016, it will upgrade to a larger block size that will be incompatible with Core — meaning that if the other 25% don't then choose to convert, it will effectively split the currency into two. So far, 7.7% of the network has adopted XT, according to website XTnodes.com. "Ultimately, how the dispute is resolved may matter more than the specific decision that's reached," says Timothy B. Lee. "If the community is ultimately able to reach a consensus, the process could become a template for resolving future disagreements. On the other hand, if disagreements fester for months — or, worse, if a controversial software change splits the Bitcoin network into two warring camps — it could do real damage to Bitcoin's reputation."
Gavin Andresen and Mike Hearn have released Bitcoin XT, an alternative version of the core software that supports increasing the block size when required. Bitcoin users will now be forced to decide between "Bitcoin Core" and Bitcoin XT, raising the prospect of a "fork," where the digital currency divides into two competing versions. According to Price, Core and XT are compatible right now. However, if XT is adopted by 75% of users by January 2016, it will upgrade to a larger block size that will be incompatible with Core — meaning that if the other 25% don't then choose to convert, it will effectively split the currency into two. So far, 7.7% of the network has adopted XT, according to website XTnodes.com. "Ultimately, how the dispute is resolved may matter more than the specific decision that's reached," says Timothy B. Lee. "If the community is ultimately able to reach a consensus, the process could become a template for resolving future disagreements. On the other hand, if disagreements fester for months — or, worse, if a controversial software change splits the Bitcoin network into two warring camps — it could do real damage to Bitcoin's reputation."
There wasn't much left of a reputation before this new crisis...
HAHAHAHA what the hell, Bitcoin's reputation is fucking awful as a scammers paradise. How the hell can you damage something no sane person would touch?
One thing I don't understand about this, and that the articles never cover, is how much of a problem it is that the current block size is limited to 1MB in "core" Bitcoin. Is the situation that the Bitcoin network is coming dangerously close to having enough transactions to exceed that 1MB limit? Is it that Bitcoin has a problem like IPv4, where it has a set date at which it will likely exceed that 1MB limit and start having issues?
I would think that there must be some sort of issue, but then again it seems like the people behind Bitcoin XT stand to make a lot of money if the big Bitcoin exchanges switch over to their version of the currency, so I'm not so sure.
So, neither then?
This isn't some Betamax vs VHS debate. This is a very niche group of enthusiasts that have managed to attract some attention from speculators. If they break the standard the speculators will go find something else to try to get rich off-of, the corporations that have appeased the market by accepting Bitcoin will stop accepting it, and it'll crash.
Do not look into laser with remaining eye.
People who received a play-money system from a mysterious unknown person and actually convinced themselves that it has value are now facing a schism over the money market failing to grow without bounds. Unless, that is, the software is modified in a way that might, over time, disincent people from playing the game.
I can't be the only one who is thinking that the only problem is that these folks believe bitcoins have value.
Hell, I thought that the fiat currency of nations was a bad deal. This is an order of magnitude worse.
Bruce Perens.