Open letter to the entire community.

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Kryptous

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I am writing on behalf of most average users and our wishlist of what we ultimately want from bitcoin, it is a simple list as we are quite easily pleased at the end of the day.

Where we are now is just unfortunate, its NOT the end of the world and does not require end-of-the-world style drastic measures, its just an unfortunate temporary time. It will however pass and will be looked back upon as insignificant IMO. In 2 years from now, to most of the people here currently it will be a distant memory, and to all the people that join us after this it will not even be a memory.

Having said that, this is a little wishlist of sorts coming from a macro point of view. I disregard the short term noise and focus on a larger time frame simply because at the end of the day most of this short term noise will be forgotten.

What we want to see:

1) A large group of high quality developers that, even if misunderstood due to technical misinformation, is so diversified, large, capable and transparent that we can trust they are taking the appropriate course of action for bitcoin.

2) Bitcoin wallets that offer a choice. Send a private anonymous transaction for free with instant confirmation (small purchases). OR, pay a fee and wait 10 minutes for your data to be recorded forever in the public blockchain (large purchases). We dont care how it is achieved as long as it is achieved.

3) A self balancing system that dynamically keeps on-chain fee prices relatively constant by keeping the supply and demand equation of block space in equilibrium. No wild swings in the price of fees, and no set/imposed fee price (it should be driven by the people paying the fees). It should be a system in which there is never congestion or backlog or delays or wildly fluctuating fee prices. At the same time it shouldnt be free either as miners will need an income at some point in the distant future. Again we dont care how this is achieved as long as it is achieved.

Thats it. We dont need much, but these things listed above are what we do need.

A contentious hard fork should in theory only happen when these needs are not being met for a period of time that users consider unacceptable.

Right now we have a high quality, large, diverse group of devs.

Segwit + schnorr + LN + sidechains gives us number 2.

The only thing that does not have a potential solution is that blockspace and fees do not live in harmony. A constant 1mb limit with "on-chain" scaling solutions like segwit does not eliminate wild fluctuations in fee prices as future on-chain solutions are guaranteed to not always be adopted just at the right time as we hit the blocksize limit. Similarly an unlimited blocksize brings with it risks that do not belong in bitcoin. This issue must have a better longer term solution, as both raising the blocksize and fitting more transactions into 1mb blocks BOTH do not solve this issue, they both kick the can down the road without an ultimate fix.

We dont need much but what would be nice to see is a potential solution to ultimately fixing the blockspace/fee conundrum once and for all, not just moving the problem into the future. If core could show some ideas regarding how this will get fixed for the long term instead of the short term then there would be no community divide right now IMO.

TLDR; segwit and LN are amazing, but they kick the can down the road when it comes to scaling. It would be nice to see some work on finality solutions to the blockspace/fee conundrum that fix the problem once and for all.

submitted by /u/slvbtc
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Kryptous

Crypto Coins News - Ratings - Reviews

1 News - 247 News - 247 Bitcoin - 1 Search

BTC - BCH - ETH - LITE - XRP

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Ticker

1 BTC = $60188.69 USD  (via Coinbase)
1 ETH = $2141.22 USD  (via Coinbase)
1 LTC = $252.36 USD  (via Coinbase)
Quotes delayed up to 2 minutes.

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