It has been little over a week since Mike Hearn and Gavin Andresen included Bitcoin Improvement Proposal 101 (BIP 101) into the alternative Bitcoin implementation Bitcoin XT. BIP 101 is designed to create a hard fork in the blockchain to allow for blocks of up to 8 megabytes, doubling every two years. Despite a major uproar on forums, chat rooms and in the media, not to mention a significant drop in bitcoin’s exchange rate, support among miners is minimal. Bitcoin XT will need 75 percent of newly mined Bitcoin blocks to trigger a maximum block-size increase, but only some 1 percent of new blocks so far included such a message – all mined by Slush Pool. Moreover, it seems unlikely that […]
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