On block sizes


Mike Hearn, co-creator of the Bitcoin XT implementation that significantly raises the Bitcoin block size, discusses why the block size discussion is deadlocked and why he won't be attending December's ScalingBitcoin conference because it won't change anything. 

For those not familiar, the block size is essentially a limit on the number of transactions the Bitcoin network can handle every 10 minutes. Increasing the block size increases that limit at the cost of more data to store and send around and other possible side effects.

I was originally an early supporter of Bitcoin XT and particularly moved by the need for larger block size absent other scaling techniques for Blockchain ID. However, after running a full Blockchain ID node for a month...a system which includes a full Bitcoin...and seeing the costs associated with bandwidth when you're hosting in the cloud, I've started to reconsider that position. Below is a snapshot of bandwidth costs for the first 5 days of November. 


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