Published On: Thu, May 18th, 2017

Barry Silbert’s ‘Compromise’ to Scale Bitcoin Nets 80% Hashrate Support

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Entrepreneur and cryptocurrency fund creator Barry Silbert has concluded the community is behind SegWit after canvassing businesses and miners.
Silbert SegWit Support Echoes Coin Dance
In a series of Twitter posts, Silbert announced he had at least 50 businesses who had “signed on” to his preferred Bitcoin scaling solution – SegWit with a block size increase to 2 megabytes within 12 months.
This was followed by almost 80% of network hashrate coming from miners who supported the solution.

I’m pleased to share that over 50 bitcoin companies from ~20 countries have also signed on to support this compromise https://t.co/9sRXh145Y5
— Barry Silbert (@barrysilbert) May 17, 2017

Voorhees Embodies Businesses’ Network Frustration
As CEO of Digital Currency Group, the umbrella corporation controlling both the GBTC fund and the Ethereum Classic Fund, Silbert’s interest in addressing Bitcoin network slowness and expense is no secret.

While onboarding new Bitcoin users appears to be little problem, as exchanges testified earlier this week, frustration is still mounting due to the time and costs involved in confirming transactions.
Responding to Silbert, ShapeShift CEO Erik Voorhees showed ire towards those whom he considered were hindering scaling progress, specifically Core developer Eric Lombrozo.
Alleging Lombrozo was “ …

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