From: Jeff Garzik <jgarzik@gmail•com>
To: Pieter Wuille <pieter.wuille@gmail•com>
Cc: Bitcoin development mailing list <bitcoin-dev@lists•linuxfoundation.org>
Subject: Re: [bitcoin-dev] Segregated Witness in the context of Scaling Bitcoin
Date: Wed, 16 Dec 2015 16:27:15 -0500 [thread overview]
Message-ID: <CADm_WcYZq3nzfYMXfzkZsTCsgmzy4L_nYpa5Kax8uF_ajuUTiQ@mail.gmail.com> (raw)
In-Reply-To: <CAPg+sBhUso0ddfYQMgwF7yX9_VoqP9CZN5h45t3eQi4v3m6f6A@mail.gmail.com>
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On Wed, Dec 16, 2015 at 3:59 PM, Pieter Wuille <pieter.wuille@gmail•com>
wrote:
> On Wed, Dec 16, 2015 at 9:38 PM, Jeff Garzik via bitcoin-dev
> <bitcoin-dev@lists•linuxfoundation.org> wrote:
> > 4.3. Observations on new block economic model
> >
> > SW complicates block economics by creating two separate, supply limited
> > resources.
>
> Not correct. I propose defining the virtual_block_size as base_size +
> witness_size * 0.25, and limiting virtual_block_size to 1M. This
> creates a single variable to optimize for. If accepted, miners are
> incentived to maximize fee per virtual_block_size instead of per size.
>
It is correct. There are two separate sets of economic actors and levels
of contention for each set of space.
That is true regardless of the proposed miner selection algorithm.
> > 5.4. Problem: More complex economic policy, new game theory, new
> bidding
> > structure risks.
> >
> > Splitting blocks into two pieces, each with separate and distinct
> behaviors
> > and resource values, creates two fee markets.
>
> I believe you have misunderstood the proposal in that case.
>
See above. There are two separate and distinct resource velocities and
demand levels in reality. That creates two markets regardless of miner
selection algorithm in the block maker.
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next prev parent reply other threads:[~2015-12-16 21:27 UTC|newest]
Thread overview: 32+ messages / expand[flat|nested] mbox.gz Atom feed top
2015-12-16 20:38 Jeff Garzik
2015-12-16 20:50 ` Matt Corallo
2015-12-16 21:51 ` Jameson Lopp
2015-12-16 22:29 ` Matt Corallo
2015-12-16 22:32 ` Matt Corallo
2015-12-17 2:21 ` Jeff Garzik
2015-12-17 2:44 ` Eric Lombrozo
2015-12-17 2:58 ` Jeff Garzik
2015-12-17 3:48 ` Adam Back
2015-12-17 5:32 ` jl2012
2015-12-17 7:54 ` Corey Haddad
2015-12-17 13:09 ` Jorge Timón
2015-12-17 15:51 ` sickpig
2015-12-17 17:55 ` Anthony Towns
2015-12-18 10:01 ` sickpig
2015-12-19 7:50 ` Mark Friedenbach
2015-12-19 23:03 ` Dave Scotese
2015-12-17 9:33 ` Mark Friedenbach
2015-12-17 10:00 ` jl2012
2015-12-17 10:57 ` Anthony Towns
2015-12-17 6:14 ` Marcel Jamin
2015-12-16 20:59 ` Pieter Wuille
2015-12-16 21:27 ` Jeff Garzik [this message]
2015-12-16 21:36 ` Pieter Wuille
2015-12-16 22:09 ` Jeff Garzik
2015-12-16 22:10 ` Jeff Garzik
2015-12-17 18:27 ` Jeff Garzik
2015-12-17 18:46 ` jl2012
2015-12-17 18:52 ` Jeff Garzik
2015-12-17 21:18 ` Eric Lombrozo
2015-12-17 21:31 ` Adam Back
2015-12-17 3:52 ` Anthony Towns
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