Ver, a proponent of increasing block sizes considerably in order to increase capacity, yesterday said he had resorted to using altcoin Dash to move his money in order to avoid paying a high Bitcoin transaction fee to process his payment in a short enough time.
Responding to Ver’s announcement, Woo was critical.
“Ver saves a few bucks on fees using [Dash], loses $30k to volatility. This is why[Bitcoin’s] network effects of liquidity & volatility wins,” he stated.
Ver saves a few bucks on fees using $DASH, loses $30k to volatility. This is why #bitcoin’s network effects of liquidity & volatility wins. https://t.co/K8iq0WYcYi— Willy Woo (@dangermouse117) March 2, 2017
Bitcoin is keeping up with “exponentially growing” demand despite “short-term clogging” of transactions, Woo continued.
Adding a more hopeful perspective to the Bitcoin scaling debate, Woo tweeted a graph of transactions per second on the Bitcoin network on Friday, noting that in principle, it was coping.
“Despite short term clogging of transactions, the [Bitcoin] network continues to keep up with exponentially growing throughput demand for now,” he wrote about the data.
Despite short term clogging of transactions, the #bitcoin network continues to keep up with exponentially growing throughput demand for now. pic.twitter.com/Q3tLNQetlw— Willy Woo (@dangermouse117) March 2, 2017
His comments come as Bitcoin price continues to reach new highs, with trading activity rising to match. At the same time, the backlog of unprocessed transactions has recently spiked several times, fuelling concerns that Bitcoin is unable to cater to mainstream demand due to its Blockchain’s technical limitations.
Meanwhile, on Thursday, ex-Bitcoin Core Developer Gavin Andresen gave his most upfront support yet to Ver’s much-touted Bitcoin Unlimited solution, calling it a “viable” way forward to dealing with “destructive congestion.”