Subject: Re: [Bitcoin-development] Block Size Increase

From: Peter Todd <[email-masked]>
Date: Thu, 7 May 2015 13:42:20 -0400

On Thu, May 07, 2015 at 12:59:13PM -0400, Gavin Andresen wrote:
> Fee dynamics seems to come up over and over again in these discussions,
> with lots of talk and theorizing.
> 
> I hope some data on what is happening with fees right now might help, so I
> wrote another blog post (with graphs, which can't be done in a mailing list
> post):
>    http://gavinandresen.ninja/the-myth-of-not-full-blocks
> 
> We don’t need 100% full one megabyte blocks to start to learn about what is
> likely to happen as transaction volume rises and/or the one megabyte block
> size limit is raised.

Sounds like you're saying we are bumping up against a 1MB limit. However
other than the occasional user who has sent a transaction with an
extremely low/no fee, what evidence do we have that this is or is not
actually impacting meaningful usage form the user's point of view?

Do we have evidence as to how users are coping? e.g. do they send time
sensitive transactiosn with higher fees? Are people conciously moving
low value transactions off the blockchain? Equally, what about the story
with companies? You of course are an advisor to Coinbase, and could give
us some insight into the type of planning payment processors/wallets are
doing.  For instance, does Coinbase have any plans to work with other
wallet providers/payment processors to aggregate fund transfers between
wallet providers - an obvious payment channel application.

-- 
'peter'[:-1]@petertodd.org
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