A Future Led by Bitcoin Unlimited is a Centralized Future
Bitcoin Unlimited is a Bitcoin full node implementation that allows each node to select their own block size limit. The claim and allure is that with Bitcoin Unlimited, you have the power to vote with your full node and with your economic power for what the block size should be. If a node picks a block size that is too small, they will be forked off of the network because they will not be following the longest chain. If a miner picks a block size that is too large, the block will be ignored because not enough full nodes will see it and accept it. The market gets to decide which block size is best, and thus we can resolve the block size debate by leveraging the power of the free market.
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great blog post @Taek !
Sadly I don't think that the unlimited "faction" will look at those arguments :/
64% upvoted, 79 points, 159 comments.
This post isn't really aimed at getting BU people to change their mind, it's aimed at preventing newbies from buying into the BU philosophy without really understanding the consequences. The BU people are good at saying words that sound magical to people who haven't had time to really learn about Bitcoin.
Really good points especially: If you like decentralization, you should dislike Bitcoin Unlimited. Nice write up.