From: GC <slashdevnull@hotmail•com>
To: Benjamin <benjamin.l.cordes@gmail•com>, Mike Hearn <mike@plan99•net>
Cc: Bitcoin Development <bitcoin-development@lists•sourceforge.net>,
Gavin Andresen <gavin@bitcoinfoundation•org>
Subject: Re: [Bitcoin-development] Concerns Regarding Threats by a Developer to Remove Commit Access from Other Developers
Date: Fri, 19 Jun 2015 17:08:19 +0700 [thread overview]
Message-ID: <BLU436-SMTP59149F6EB242230C2DA453C6A40@phx.gbl> (raw)
In-Reply-To: <CAOoPuRa2RRELMN4-1coe3ZDOHuxyp1YyX3t6aW+APhXJM8GpDw@mail.gmail.com>
Benjamin,
Timeframe for network congestion and users experiencing service
degradation => between now and middle of next year.
Timeframe for transaction fees topping block reward fees => many years in
the future, based on current ratio of block reward to fees.
What is the more pressing requirement now? A working ³fee market² or a
reliable, useful payment network that scales without falling over in the
next 2-3 years.
On 19/6/15 4:53 pm, "Benjamin" <benjamin.l.cordes@gmail•com> wrote:
>Yeah, but increasing block-size is not a longterm solution. Necessary
>higher fees are a logical consequence of lower subsidies. Bitcoin was
>basically free to use at the beginning because miners got paid with
>new coins at the expense of those who already hold coins. Eventually
>there needs to be a mechanism which matches supply and demand.
>
>On Fri, Jun 19, 2015 at 11:37 AM, Mike Hearn <mike@plan99•net> wrote:
>>> Or alternatively, fix the reasons why users would have negative
>>> experiences with full blocks
>>
>>
>> It's impossible, Mark. By definition if Bitcoin does not have sufficient
>> capacity for everyone's transactions, some users who were using it will
>>be
>> kicked out to make way for the others. Whether that happens in some
>>kind of
>> stable organised way or (as with the current code) a fairly chaotic way
>> doesn't change the fundamental truth: some users will find their bitcoin
>> savings have become uneconomic to spend.
>>
>> Here's a recent user complaint that provides a preview of coming
>> attractions:
>>
>>
>>https://www.reddit.com/r/Bitcoin/comments/39r3bi/breadwallet_asking_me_to
>>_pay_over_10_network_fee/
>>
>>> Hello, I'm just trying to send my small Sarutobi-tips stash (12,159
>>>bits)
>>> onto a paper wallet. When I try to send it, a window pops up stating
>>> "insufficient funds for bitcoin network fee, reduce payment amount by
>>>1,389
>>> bits?" This would be a fee of $0.32 to send my $2.82, leaving me with
>>>$2.50.
>>
>>
>> These sorts of complaints will get more frequent and more extreme in the
>> coming months. I realise that nobody at Blockstream is in the position
>>of
>> running an end user facing service, but many of us are .... and we will
>>be
>> the ones that face the full anger of ordinary users as Bitcoin hits the
>> wall.
>>
>>
>>-------------------------------------------------------------------------
>>-----
>>
>> _______________________________________________
>> Bitcoin-development mailing list
>> Bitcoin-development@lists•sourceforge.net
>> https://lists.sourceforge.net/lists/listinfo/bitcoin-development
>>
>
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next prev parent reply other threads:[~2015-06-19 10:08 UTC|newest]
Thread overview: 60+ messages / expand[flat|nested] mbox.gz Atom feed top
2015-06-18 8:54 odinn
2015-06-18 10:00 ` Mike Hearn
2015-06-18 11:14 ` Wladimir J. van der Laan
2015-06-18 11:47 ` Wladimir J. van der Laan
2015-06-18 13:36 ` Mike Hearn
2015-06-18 15:58 ` Gregory Maxwell
2015-06-18 12:29 ` Pieter Wuille
2015-06-18 12:50 ` Wladimir J. van der Laan
2015-06-18 12:56 ` Benjamin
2015-06-18 13:49 ` Mike Hearn
2015-06-18 14:05 ` Wladimir J. van der Laan
2015-06-18 14:16 ` Mike Hearn
2015-06-18 14:53 ` Milly Bitcoin
2015-06-18 14:56 ` Jeff Garzik
2015-06-18 15:13 ` Milly Bitcoin
2015-06-18 14:53 ` Jeff Garzik
2015-06-18 16:07 ` justusranvier
2015-06-18 16:28 ` Jeff Garzik
2015-06-18 17:04 ` justusranvier
2015-06-18 17:42 ` Alex Morcos
2015-06-18 18:01 ` Milly Bitcoin
2015-06-18 18:23 ` Gavin Andresen
2015-06-18 18:44 ` Alex Morcos
2015-06-18 18:49 ` Jorge Timón
2015-06-18 19:31 ` Ross Nicoll
2015-06-18 21:42 ` Matt Whitlock
2015-06-18 21:49 ` Mark Friedenbach
2015-06-18 21:58 ` Jeff Garzik
2015-06-18 22:33 ` Mark Friedenbach
2015-06-18 22:52 ` Jeff Garzik
2015-06-18 23:25 ` odinn
2015-06-18 23:16 ` Ross Nicoll
2015-06-19 0:57 ` Chris Pacia
2015-06-19 5:59 ` Eric Lombrozo
2015-06-19 9:37 ` Mike Hearn
2015-06-19 9:53 ` Benjamin
2015-06-19 10:08 ` GC [this message]
2015-06-19 10:19 ` Mike Hearn
2015-06-19 10:52 ` Eric Lombrozo
2015-06-19 11:31 ` Jorge Timón
2015-06-19 12:26 ` GC
2015-06-19 11:48 ` Brooks Boyd
2015-06-21 14:45 ` Owen Gunden
2015-06-18 21:55 ` Ross Nicoll
2015-06-18 19:24 ` Matt Corallo
2015-06-18 19:32 ` Gregory Maxwell
2015-06-18 12:38 ` Milly Bitcoin
2015-06-18 13:31 ` Mike Hearn
2015-06-18 13:50 ` Pieter Wuille
2015-06-18 15:03 ` Mark Friedenbach
2015-06-18 15:30 ` Milly Bitcoin
2015-06-18 15:46 ` Wladimir J. van der Laan
2015-06-18 16:05 ` Mike Hearn
2015-06-18 16:20 ` Wladimir J. van der Laan
2015-06-18 22:49 ` odinn
2015-06-18 16:11 ` Milly Bitcoin
2015-06-18 11:41 ` Lawrence Nahum
2015-06-18 14:33 ` Bryan Bishop
2015-06-18 18:09 ` Melvin Carvalho
2015-06-18 22:10 ` odinn
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