Editor’s Note: This piece was originally published on Medium by Co-Founder of Bloq Inc. & Bitcoin Core Developer Jeff Garzik and Chief Scientist of the Bitcoin Foundation & Bitcoin Core Developer Gavin Andresen. Disclaimer: The following is personal opinion and does not reflect an official position by Bloq, MIT or any other organization or group.
The proposed roadmap currently being discussed in the bitcoin community has some good points in that it does have a plan to accommodate more transactions, but it fails speak plainly to bitcoin users and acknowledge key downsides. The roadmap summary most relevant to bitcoin users is:
Bitcoin is shifting to a new economic policy, with possibly higher fees.
Core block size does not change; there has been zero compromise on that issue. In the face of rising transaction volume — it has doubled over the past year — getting stuck at 1M results in higher fees, notable economic changes, and suffers from increased political risk by embracing an accidentally-created economic policy tool.
Change By Design
Higher fees and reshaping the fee market impact all bitcoin users, yet it is only mentioned obliquely in paragraph 18 of the roadmap: These proposals help […] prevent defection between the miners from undermining the fee market behavior that will eventually fund security.” and in the middle of paragraph 4 of another BIP by the same devs: The development of a fee market and the evolution towards an ecosystem that is able to cope with block space competition should be considered healthy. […] However, the purpose of such a change should be evolution with technological growth, and not kicking the can down the road because of a fear of change in economics.” Notable devs think it necessary to change bitcoin to a different economic system with “healthy” competition for […]
