From: Jeff Garzik <jgarzik@gmail•com>
To: Alex Morcos <morcos@gmail•com>
Cc: bitcoin-dev@lists•linuxfoundation.org
Subject: Re: [bitcoin-dev] Bitcoin Core and hard forks
Date: Wed, 22 Jul 2015 11:24:57 -0700 [thread overview]
Message-ID: <CADm_WcYCUHs9Qe_T6WJOCUSK6stXYD8v6z5JcGHfRMURoOSFTA@mail.gmail.com> (raw)
In-Reply-To: <CAPWm=eW8RgrG1CMEAMN4GeiMjZecFvNtZB_Y4rZNeofWSD0=Wg@mail.gmail.com>
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On Wed, Jul 22, 2015 at 11:03 AM, Alex Morcos <morcos@gmail•com> wrote:
> Over the last 6 years there may not have been fee pressure, but certainly
> there was the expectation that it was going to happen. Look at all the
> work that has been put into fee estimation, why do that work if the
> expectation was there would be no fee pressure?
>
There is a vast difference between what software developers have been
chattering about in the background versus what the users actually
experience in the field.
To the user, talk of a fee market is equivalent to talk about block size -
various opinions are tossed about, but it doesn't really impact them. Fees
have been low for 6 years.
We see this with the actual data - no fee pressure on average for the
entirety of bitcoin's history. We see this with the recent stress tests,
which exposed dumb wallet behavior WRT fees. Users -and software- had the
expectation
Remember, this is not a judgement on whether or not fee market/pressure
should exist. It is simply a factual observation that users/market have
not experienced this new economic policy.
That opens the question - *why now?* Why make bitcoin growth more
expensive at this time in its young life? Many smart people would prefer
that bitcoin continue to grow, rather than making the system more expensive
to use right now.
Choosing "let a fee market develop" -- *today* -- is picking economic
sides, picking winners & losers in the market.
This new policy should be debated and consensus achieved, not simply rolled
out by fiat without user notification.
Otherwise it is engaging in precisely the economic wizardry that this
thread opened with decrying.
Just like block size, there are multiple sides to the fee market debate.
However, Bitcoin Core has (unfortunately) outsized decision making power in
that simply avoiding progress on block size limit will achieve the "let a
fee market develop" economic policy change. Ironic but true - sitting
around and doing nothing dumps users into a new economic policy.
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next prev parent reply other threads:[~2015-07-22 18:38 UTC|newest]
Thread overview: 86+ messages / expand[flat|nested] mbox.gz Atom feed top
[not found] <CAPg+sBgs-ouEMu=LOVCmOyCGwfM1Ygxooz0shyvAuHDGGZYfJw@mail.gmail.com>
2015-07-22 16:52 ` Pieter Wuille
2015-07-22 17:18 ` Ross Nicoll
2015-07-22 17:32 ` Milly Bitcoin
2015-07-22 18:45 ` Bryan Cheng
2015-07-22 17:33 ` Jeff Garzik
2015-07-22 18:01 ` Jeff Garzik
2015-07-22 18:03 ` Alex Morcos
2015-07-22 18:24 ` Jeff Garzik [this message]
2015-07-23 12:17 ` Jorge Timón
2015-07-23 16:17 ` Tom Harding
2015-07-23 16:28 ` Gavin Andresen
2015-07-23 16:50 ` cipher anthem
2015-07-23 17:14 ` Robert Learney
2015-07-23 18:21 ` Eric Lombrozo
2015-07-23 18:47 ` Jorge Timón
2015-07-23 17:43 ` Eric Lombrozo
2015-07-23 18:10 ` Jameson Lopp
2015-07-23 19:14 ` Eric Lombrozo
2015-07-23 19:35 ` Gavin Andresen
2015-07-23 19:39 ` Eric Lombrozo
2015-07-23 19:51 ` Eric Lombrozo
2015-07-23 19:52 ` Jameson Lopp
2015-07-23 20:26 ` Jorge Timón
2015-07-23 20:52 ` Eric Lombrozo
2015-07-23 23:42 ` Benedict Chan
[not found] ` <42BF7FEB-320F-43BE-B3D9-1D76CB8B9975@gmai>
2015-07-23 23:57 ` Eric Lombrozo
2015-07-24 0:04 ` Eric Lombrozo
2015-07-24 0:20 ` Simon Liu
2015-07-24 0:22 ` Jean-Paul Kogelman
2015-07-24 0:32 ` Eric Lombrozo
2015-07-24 0:38 ` Eric Lombrozo
2015-07-24 0:45 ` Jean-Paul Kogelman
2015-07-24 0:49 ` Jean-Paul Kogelman
2015-07-24 0:53 ` Peter Todd
2015-07-24 1:03 ` Jean-Paul Kogelman
2015-07-24 1:08 ` Eric Lombrozo
2015-07-24 1:25 ` Jean-Paul Kogelman
2015-07-24 1:28 ` Eric Lombrozo
2015-07-24 1:37 ` Eric Lombrozo
2015-07-24 1:42 ` Jean-Paul Kogelman
2015-07-24 1:55 ` Eric Lombrozo
2015-07-24 2:12 ` [bitcoin-dev] Bitcoin, Perceptions, and Expectations Raystonn .
2015-07-24 8:48 ` Jonas Schnelli
2015-07-24 9:42 ` Jorge Timón
2015-07-24 14:37 ` Vincent Truong
2015-07-25 2:18 ` gb
2015-07-25 11:22 ` Slurms MacKenzie
2015-07-25 15:04 ` Thomas Kerin
2015-07-24 0:56 ` [bitcoin-dev] Bitcoin Core and hard forks Eric Lombrozo
2015-07-24 1:05 ` Jean-Paul Kogelman
2015-07-23 18:12 ` Slurms MacKenzie
2015-07-23 18:57 ` Mike Hearn
2015-07-23 17:51 ` Jorge Timón
2015-07-24 6:30 ` Tom Harding
2015-07-24 9:24 ` Jorge Timón
2015-07-24 22:50 ` Tom Harding
2015-07-28 11:29 ` Jorge Timón
2015-07-28 11:32 ` Jorge Timón
2015-07-28 16:44 ` Tom Harding
2015-07-28 17:33 ` Jorge Timón
2015-07-22 19:17 ` Eric Lombrozo
2015-07-22 21:43 ` Mike Hearn
2015-07-22 21:56 ` Eric Lombrozo
2015-07-22 22:01 ` Mike Hearn
2015-07-22 22:09 ` Eric Lombrozo
2015-07-23 1:53 ` Eric Lombrozo
2015-07-22 22:30 ` Jeff Garzik
2015-07-23 0:27 ` Tom Harding
2015-07-23 0:37 ` Eric Lombrozo
2015-07-23 4:40 ` Edmund Edgar
2015-07-27 12:08 ` Peter Todd
2015-07-27 12:44 ` Milly Bitcoin
2015-07-22 22:40 Raystonn
2015-07-22 23:42 ` Cory Fields
2015-07-22 23:53 ` Eric Lombrozo
2015-07-23 0:05 ` Cory Fields
2015-07-23 0:13 ` Eric Lombrozo
2015-07-23 0:34 ` Cory Fields
2015-07-23 0:43 ` Eric Lombrozo
2015-07-23 7:24 ` Ross Nicoll
2015-07-23 0:49 ` Eric Voskuil
2015-07-23 18:12 ` Jorge Timón
[not found] <BA7ACCE1-81B2-4AC1-B6DD-7A856FD27D52@gmail.com>
2015-07-23 8:24 ` Gareth Williams
2015-07-27 17:05 Alice Larson
2015-07-27 17:22 ` Eric Voskuil
2015-07-28 4:55 ` Wladimir J. van der Laan
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