You likely saw the drop, then the rebound this weekend, you might remember BitcoinXT from 2015, you've most likely heard of the scaling debate, and if nothing else, you certainly may have noticed the damn blockchain network is slow and getting worse.
The fundamental problem is that the block size of 1MB is no longer sufficient to support the current load. It needs to be increased.
Past Attempts
The scaling debate, or block-size debate is nothing new by any means. In fact its been a topic of discussion for years. Back in 2015 we successfully tested the BitcoinXT network which aimed for 75% adoption in early 2016.Needless to say, it didn't pan out ad subsequently led to the infamous Mike Hearn rage-quitting incident they left bitcoin pronounced dead....again.
Bitcoin didn't die, Mike Hearn is likely kicking himself in the ass for selling all of his bitcoin pre-1000, XT didn't get 75% adoption, and at the end of the day a year later we still have the same damn problem.
The only difference is that this time its getting more critical.
Current Attempts
Classic, Core, Segwit, XT, and others have stepped up to the plate only to met with low adoption. The latest of the is Bitcoin Unlimited which has nudged Core from its 75% adoption.
Bitcoin Unlimited gives miners the option to configure what size blocks they can accept, which builds on what XT attempted a year ago. Bitcoin Core's approach is SegWit (Segregated Witness) which many are of the opinion doesn't fully address the issue.
Meanwhile a few major exchanges have decided that they will collaboratively and preemptively list BTU/XBU in addition to current BTC/XBT symbols and consider bitcoin unlimited a different digital asset.
It is also important to note that Antpool's new massive 22 petahash facility is pro-Unlimited and responsible for 15%+ of that adoption all by itself.
Word on the Street
To be completely honest, whereas there was allot of curiosity and interest in the various choices for implementation, everyday people have gone from asking questions to demanding results. They are simply fed up with slow transactions as a result of packed blocks.That said, allot of mainstream media is simply blowing this out of proportion again and quite frankly nothing as is going to happen today or tomorrow. We saw this panic with XT, and here it is again. Bitcoin is fine now and it'll be fine tomorrow. Fortunately despite the $100+ drop in market price Friday, bitcoin has recovered and back above the $1000 mark.
All in all a resolution needs to find it's way to full adoption soon.Regardless of how impressive a 22 petahash mining facility may sound ... it only sounds good until you try to send a bitcoin somewhere.
So what does all of this mean for the majority? Not a damn thing ... yet.
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