Re: [bitcoin-dev] Dynamic limit to the block size - BIP draft discussion

From: Btc Drak <btcdrak@gmail•com>
To: Washington Sanchez <washington.sanchez@gmail•com>
Cc: Bitcoin Dev <bitcoin-dev@lists•linuxfoundation.org>
Subject: Re: [bitcoin-dev] Dynamic limit to the block size - BIP draft discussion
Date: Tue, 8 Sep 2015 09:49:31 +0100	[thread overview]
Message-ID: <CADJgMztJx1cBFhNOwMgBHJGPmBNPqsTdQbCCjFBmDBSBfTMMUg@mail.gmail.com> (raw)
In-Reply-To: <CAG0bcYzzg4yeQvd27PZu5Fqv1ULS3cKeQHaRZ2zPcM3OASw1cg@mail.gmail.com>

> but allow meaningful relief to transaction volume pressure in response to true market demand

If blocksize can only increase then it's like a market that only goes
up which is unrealistic. Transaction will volume ebb and flow
significantly. Some people have been looking at transaction volume
charts over time and all they can see is an exponential curve which
they think will go on forever, yet nothing goes up forever and it will
go through significant trend cycles (like everything does). If you
dont want to hurt the fee market, the blocksize has to be elastic and
allow contraction as well as expansion.

On Tue, Sep 8, 2015 at 8:45 AM, Washington Sanchez via bitcoin-dev
<bitcoin-dev@lists•linuxfoundation.org> wrote:
> Hi everyone,
>
> I know many of us feel that the last thing the Bitcoin community needs is
> another BIP related to the block size, but after a lot of reading and
> commenting, I'd like to throw this idea out there.
>
> I've already written it up as a BIP and would like some constructive
> feedback/suggestions/alternatives related to some of the variables in my
> specification:
>
>
> Dynamic limit to the block size
> =======================
>
> The goal is to dynamically increase the maximum block size conservatively,
> but allow meaningful relief to transaction volume pressure in response to
> true market demand. The specification follows:
>
> - Every 4032 blocks (~4 weeks), the maximum block size will be increased by
> 10% *IF* a minimum of 2000 blocks has a size >= 60% of the maximum block
> size at that time
>   + This calculates to theoretically 13 increases per year
> - The maximum block size can only ever be increased, not decreased
>
> For example, if this rule were to be instituted January 1st 2016, with a
> present maximum block size 1 MB, the limit would be increased to 1.1 MB on
> January 29th 2016. The theoretical maximum block size at the end of 2016
> would be ~3.45 MB, assuming all 13 increases are triggered.
>
> As the maximum block size rises, so the cost of artificially triggering an
> increase in the maximum block size.
>
>
> Regards,
> Wash
>
>
> -------------------------------------------
> Dr Washington Y. Sanchez
> Co-founder, OB1
> Core developer of OpenBazaar
> @drwasho
>
>
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