[FoRK] Fwd: Bitcoin Fork Divides Community
Joseph S. Barrera III
joe at barrera.org
Tue Aug 18 17:38:26 PDT 2015
Comments, any bitcoin lovers/haters?
The US dollar was almost forked. Do you know when?
It's pretty hard to fork gold, as it only has one stable isotope.
---------- Forwarded message ----------
From: <slashnews at pestonia.com>
Date: Tue, Aug 18, 2015 at 4:30 PM
Subject: Bitcoin Fork Divides Community
To: slashnews at pestonia.com
Posted by: Soulskill, on 2015-08-18 23:27:00
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
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