Three years ago today, Mike Hearn published an article explaining exactly what would happen when the 1MB blocksize limit was hit. He was right on all counts. by BeijingBitcoins at reddit
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The post leads to Medium:
Crash landing
by Mike Hearn
published May 8, 2015
Excerpt:
A common argument for letting Bitcoin blocks fill up is that the outcome won’t be so bad: just a market for fees. Everyone loves markets, right? So who could object to that?
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Well, users will notice that transactions aren’t confirming. They will have been complaining for a long time before this, but now they’re going to really complain. Some of them will experience real inconvenience and may even lose money, because e.g. they arrange an in person trade, move money from their desktop/web wallet to their phone, and by the time they arrive at the trading point their transaction has still not confirmed so their wallet will not let them send the money.
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read entire article: medium.com/@octskyward/crash-landing-f5cc19908e32
