Adam Back highlights open-source progress and corporate participation around early Lightning Network implementations for Bitcoin.
Assertion Not checkable as stated
Back: Everyone agrees Bitcoin needs a block size increase
“If we need to increase the block size, which I think everybody agrees with at this point in time.”
Prediction Not checkable as stated
Back: Raising Bitcoin block size to 1GB would cause network failure
“If we jumped up the block size to a gigabyte now, security would fail, the network would probably fail.”
Assertion Not checkable as stated
Back: Three or four colluding mining companies could influence Bitcoin policy
“You know, it's probably the case that you could, you know, If you could get collaboration from three, four companies in various parts of the world, you could start to apply some policy influence to Bitcoin.”
Disclosure
Back proposes scaling Bitcoin block size limit to 8MB over four years
“So the proposal I made was to increase to two megabytes failure immediately, as soon as we can roll out change, which to be clear, any of them would take about six months to roll out. Increase to four megabytes after two years, and eight megabytes after four y…”
Assertion Not checkable as stated
Back: 99% of Bitcoin transactions occur off the main blockchain
“Estimates are something like currently 99% of them are happening off the blockchain.”
Prediction Held up
Back: Lightning Network could scale Bitcoin capacity up to 10,000x
“There's also right now quite active work on this sort of Bitcoin enhancement called lightning, which is a best described as a kind of right caching layer for Bitcoin, which might scale Bitcoin by a factor of a thousand or 10,000.”