cryptocurrency News

The Continued Increases In Bitcoin Cash’s Block Size Makes No Sense

Craig Wright aka Faketoshi is bragging on Twitter right now about how the unloved child of Bitcoin Cash, Bitcoin Satoshi Vision (SV), will have 1 TB block sizes in the next 2 years. They call this cryptocurrency Satoshi vision, but this would only be Satoshi’s vision if he had just drunk a bottle of Everclear. Increasing Bitcoin block size above 1 mb in the first place is a bad enough idea, but increasing to 1 TB would be absolutely crippling. If they actually filled up blocks to 1 TB, the only node left in the world would be Craig Wright’s, making Bitcoin SV completely centralized.

Diehard Bitcoiners know that downloading the blockchain to run a full Bitcoin node takes weeks or months depending on your internet speed, and that is because the Bitcoin blockchain size is approaching 200 GB. That is with the maximum block size being around 1.2 mb, up from 1 mb thanks to the addition of Segregated Witness (SegWit). Most new Bitcoiners give up when trying to download Bitcoin Core, due to the immense amount of time needed to download the blockchain. There has been a steady 10,000 Bitcoin nodes in the world since about March 2018, indicating a lack of new nodes coming online. If Bitcoin’s block size increased, which it will not since the Bitcoin developers know what they are doing, it would cause a drastic decrease in nodes and a rapid increase in centralization.

When Bitcoin Cash splitoff, during the SegWit debate, the original block size of Bitcoin Cash was 8 mb. Now Bitcoin Cash has a block size of 32 mb, while Bitcoin SV has a block size of 128 mb. 8 mb block sizes would have already over-inflated the blockchain to the point that downloading it would be extremely difficult; increasing the block size to 32 mb and 128 mb is absolutely nonsensical. Now Craig Wright is bragging about 1 TB block sizes.

The icing on the shitcoin cake is that Bitcoin Cash and Bitcoin SV have block sizes that are usually less than 100 KB, sometimes as little as 5 KB or less. This makes the entire block size debate pointless, since so few people are using Bitcoin Cash or Bitcoin SV that they cannot even get close to achieving 1 MB block sizes. Therefore, there was no reason to ever split off from Bitcoin in the first place to increase the block size, and the continual increases in the block size limits are pointless propaganda.

Currently there are 1,058 Bitcoin ABC nodes, and 543 Bitcoin SV nodes, much less than Bitcoin, making both versions of Bitcoin Cash more centralized than Bitcoin. However, they are decentralized enough to be immutable. If Bitcoin Cash or Bitcoin SV ever achieved enough transactions to approach their block size limits, the number of nodes would drop off rapidly, making them extremely centralized and eventually no longer immutable, with someone like Craig Wright having the power from his sole node to reject transactions. So perhaps Bitcoin Cash and Bitcoin SV investors should be thankful that there is barely any transaction activity.

 

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