Bitcoin Veteran Peter Todd Calls Block Size Reduction a Dumb Idea

By Prashant Jha

Peter Todd, former Bitcoin developer has come out to express his views over the recent demands of reducing the Bitcoin Block size. Todd does not seem to be a big fan of the idea and goes on to call it pure dumb.

Peter Todd is a well-known personality in the crypto space, often seen providing his insights on complex technical topics in a short and crisp manner. In his recent one to one interview with a blockchain focused media platform CryptoGlobe, Todd answered several queries regarding the current crypto ecosystem and its future.

Todd Thinks The Idea of reducing Bitcoin Blockchain is Dumb

When Todd was asked to express his views on the recent hue and cry in the Bitcoin Core developer community for reducing the Block size to 300 KB, he was quick to point out that the idea came from a single developer Luke.

He believes the idea is dumb because first of all, it would be costly to implement and although, the technical point of view is correct, its social impact would lead to a backlash, making it impossible to implement.

Todd also called for more competent journalism in the crypto space so that whatever amount of information no-coiner gains, gives them a right picture of the crypto space. He also believes that the crypto journalists need more time and resources to write better and informative articles, however, he was not sure whether anyone would opt for that as it costs more money and time.

Todd Expresses His Views on The Recent developments in the Crypto Space

While talking about the various aspects and developments in recent times, Todd believes that the development of the lightning network is quite exciting. He also mentioned the development on the Monero and Zcash network as exciting, however, he was quick to point out that exciting does not necessarily mean “good.”

Todd also said that the development of lightning network might help the Bitcoin network to resolve its scalability issues to a certain extent, but it won’t impact its usability much since Bitcoin is already a widely used entity for various purposes. If people are thinking that the lightning network might help Bitcoin replace credit cards then that would never happen.

On the question of adding privacy features to the Bitcoin just like Monero and Zcash, Todd pointed out that the privacy features which people seem to be quite frenzy about are not all that easy to implement. Even a single bug can lead to total system malfunction. He cited the example of monero which has faced the inflation bug recently, while Zcash had two such bugs in its system. Todd also pointed out that the Bitcoin main net already has several on-chain features like UTXO for the privacy concern.

Read the complete interview here