Editor’s Note: This piece was originally published on Medium by Co-Founder of Bloq Inc. Bitcoin Core Developer Jeff Garzik and Chief Scientist of the Bitcoin Foundation Bitcoin Core Developer Gavin Andresen.
Disclaimer: The following is personal opinion and does not reflect an official position by Bloq, MIT or any other organization or group.
The proposed roadmap currently being discussed in the bitcoin community has some good points in that it does have a plan to accommodate more transactions, but it fails speak plainly to bitcoin users and acknowledge key downsides. The roadmap summary most relevant to bitcoin users is:
Bitcoin is shifting to a new economic policy, with possibly higher fees.
Core block size does not change; there has been zero compromise on that issue. In the face of rising transaction volume — it has doubled over the past year — getting stuck at 1M results in higher fees, notable economic changes, and suffers from increased political risk by embracing an accidentally-created economic policy tool.
Change By Design
Higher fees and reshaping the fee market