"After many years, Colonel Aureliano stood in front of the firing squad and remembered the distant afternoon when his father took him to visit the ice."
Time passed quickly, especially for Bitcoin, which was soaring. From the initial article, it was worthless to $18,000. Bitcoin only took 9 years and fell from 18,000. At $6,000, the time was faster and it took only four months. The period of decline was the highest period of bitcoin transaction fees.
Three years ago, on May 8th, Mike Hearn, who was also a core developer of Bitcoin, published an article on medium.com. The content of the article is roughly to explain what happens when Bitcoin's 1MB block size limit is touched. It seems that it is all right now.
Mike Hearn thinks that when the block is full, the first thing that happens is that the confirmation time starts to grow. According to Dave Hudson's Monte Carlo model, the result is that when the transaction volume reaches 80% of the block capacity, half of the transactions are made. It takes about 20 minutes to confirm. When the transaction volume reaches 100% of the block capacity, half of the transactions need to wait for more than 6 hours. However, Mike Hearn immediately thought that this would not happen. The reason is that when the 1MB block is used 100%, the actual number of transactions may exceed 100%, so the result is that the transaction is permanently backlogged, the bitcoin core has no code to handle the growing transaction backlog, and the trading business can only be Queue in memory until the node is exhausted. Three things happen at this point: 1. The node may become very slow when entering the swap space; 2. When the node tries to allocate memory and fails, the node may crash; 3. The node may be killed by the operating system kernel dead.
What happens after that? Users will notice that the transaction is not confirmed and will complain for a long time, because it is really inconvenient and even loses money. Mike Hearn also mentioned that if you are rich, then these are not problems.
Mike Hearn mentioned the solution to re-run the scenario for the upgrade code, and thought it was not the best, but he had to do it in order to get enough time for Bitcoin. At the end of the article, Mike Hearn wrote a few words.
“Bitcoin will eventually recover, and users who are frustrated with the extreme unreliability of Bitcoin will give up and stop trying to spend BTC. Many BTCs will remain in the wallet, and the node operators will automatically restart their nodes, SPV wallet You will find some trusted centralization agencies to charge for it.
The most important thing is that the overload will eventually disappear... because the user will disappear, the backlog will be cleared, and the cost will drop to a minimum again.
So life will continue.
Bitcoin will survive.
But it will lose important momentum, it will become the digital currency of MySpace, loyal users will lose confidence, and companies that attempt to push bitcoin to the mainstream will turn to other aspects (other cryptocurrencies), always "to let the world Some of the bitcoin developers and promoters who are motivated to be better will leave because they will think that ordinary people around them will never use their products. "
It seems to be proof of his own predictions. Mike Hearn and Gavin Andresen chose to leave after the proposal of bitcoin XT (block upgrade to 8MB, increasing every year) was rejected by other developers and the community banned bitcoin XT. ......
Therefore, I don't believe that Mike Hearn's early expansion ideas were for self-interest, and I don't believe that Mike Hearn's departure is because the development team can't make money. People like Mike Hearn should really want Bitcoin to be better, and want Bitcoin to play the Matthew effect all the time, to take advantage of the first move, and to complete the vision of Nakamoto's white paper, so that Bitcoin can truly become a reality. The payment currency of the world.
Fortunately, the expansion is not absent after all, and BCH will soon be hard-forked upgrade on May 15th, raising the block size to 32MB. Everything is moving closer to the original idea. The facts prove that the Mike Hearn and Gavin Andresen schemes are correct. The expanded BCH does not have congestion and handling fees in the transaction, and it is more open and the community is more dynamic. Some interesting applications based on BCH are constantly being developed, and the original bitcoin seems to be back.
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