Coinbase CEO Rejects Proposal for Bitcoin Hard Fork in 2017

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Brian Armstrong, CEO and co-founder of bitcoin wallet and exchange service Coinbase, has spoken out against the latest proposal introduced as part of bitcoin’s ongoing scaling debate, calling the agreed-upon measures, “too little, too late”.

At the end of last week, a group of representatives from the bitcoin mining and services sector, as well as Bitcoin Core developers, agreed to a plan that involved support for a proposed change to bitcoin’s code called Segregated Witness, followed by a network hard fork – which would require users to download new software to stay compatible with the network – in 2017.

In total, the changes could raise the capacity of transaction blocks on the bitcoin network to as high as 4MB, proponents say, though this would happen over a period of months.

In a new blog post, however, Armstrong argued the proposal is “missing the mark”, stating his belief that the Segregated Witness proposal “is not a good solution to help bitcoin scale” as it overstates the capacity increase it would bring to the network.

Armstrong wrote:

“If the plan is followed as written, SegWit would provide a slightly less than doubling of capacity by April 2016. Then we would go another 15 months (until July

Read more ... source: TheBitcoinNews