Published on August 17th, 2015 | by bitcoin0
Block Size Increase ‘Huge Security Risk’ says Nick Szabo
“As such, the larger the Blockchain, the more hashpower is required to maintain the same level of security,” he said.
A much more reasonable block size proposal, following historical growth rates in a “limiting nutrient” resource: https://t.co/RRapcLSm6j
— Nick Szabo (@NickSzabo4) August 16, 2015
Szabo presents a fair argument.
Today, BraveNewCoin estimates that there are around 100,000 miners in the bitcoin network, disregarding individuals and organizations running full nodes.
An abrupt change in the system, like expanding the block size to 8 MB, will force all 100,000 miners and individuals running full nodes to adapt to a completely different ecosystem.
Ultimately, Szabo, Dushenski, Mircea Popescu and Garzik agree that tampering with the block size will only make the blockchain heavy and insecure.