The Bitcoin Roundtable Consensus Proposal — Too Little, Too Late

1. Prioritizing SegWit before a block size increase would be a mistake

2. July 2017 is too far away to raise the block size

3. We have a better option that is already available

4. It perpetuates a centralized, single party system, in bitcoin

Conclusion

  1. Over the next few weeks the industry should continue upgrading to BitcoinClassic. This will provide some immediate relief to bitcoin’s scaling problem and help restore confidence in the system. Once 75% of recent blocks mined contain a vote for Classic, there will be a 30 day waiting period during which the remaining 25% (and other actors) can upgrade. After the waiting period, the network will upgrade to 2MB blocks with 99% of the network or more (I believe) on a single chain.
  2. The bitcoin price will go up and confidence will be restored as we’ve bought ourselves some time on the scaling issue.
  3. After this, bitcoin will be in an era of multiple competing teams and nodes, which will accelerate bitcoin’s protocol development. Core, Classic, or any other team can propose upgrades to the protocol that everyone in the industry can vote on. Future protocol upgrades will be decided by consensus using the blockchain (longest valid chain wins), instead of consensus using industry meetings and letters.

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