A crypto-currency civil warMaking Bitcoin work better

  • But it is also top-down: Mr Nakamoto set not only the block size but other technical parameters, including the stipulation that there would only ever be 21m bitcoins in circulation.
  • To alleviate the system’s congestion, Mr Back and other leading coders, collectively called “Bitcoin Core”, have developed a solution to pack blocks more densely, using a technique known as “segregated witness”, or SegWit.
  • Bitmain is not only selling mining hardware, but minting bitcoin for its own account (Mr Wu claims he controls about 10% of the system’s computing power).
  • Whereas Mr Wu and Mr Back are surprisingly polite when talking about each other, the foot-soldiers in this fight haven’t pulled punches: mining farms have been attacked and the bitcoin system spammed to worsen congestion.
  • In response, Mr Wu in June released a “contingency plan” that amounts to getting rid of the developers: should the other side force his hand, he would extend a blockchain of his own and move to a block size of two megabytes—which would have led to a bitcoin split.

IN DIFFERENT circumstances the two people could be good friends. Each is rather shy and very smart. And each is passionate about bitcoin, a digital currency.

@magolnick: Making Bitcoin work better #cryptocurrency #blockchain #ai #bitcoin #ethereum #bitqy

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A crypto-currency civil warMaking Bitcoin work better