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] Block size: It's economics & user preparation & moral hazard
Date: Wed, 16 Dec 2015 16:08:29 -0500 [thread overview]
Message-ID: <CADm_Wcae7OK7kyXkfh+7XFrc2WYsv7T1Va3_E=5om+XYrL9pOw@mail.gmail.com> (raw)
In-Reply-To: <CAPg+sBi=Mw7UnxG1-0-0ZTRqxrS5+28VmowyYrGP2MAvYiu_pA@mail.gmail.com>
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On Wed, Dec 16, 2015 at 1:34 PM, Pieter Wuille <pieter.wuille@gmail•com>
wrote:
> On Wed, Dec 16, 2015 at 3:53 PM, Jeff Garzik via bitcoin-dev
> <bitcoin-dev@lists•linuxfoundation.org> wrote:
> > 2) If block size stays at 1M, the Bitcoin Core developer team should
> sign a
> > collective note stating their desire to transition to a new economic
> policy,
> > that of "healthy fee market" and strongly urge users to examine their fee
> > policies, wallet software, transaction volumes and other possible User
> > impacting outcomes.
>
> You present this as if the Bitcoin Core development team is in charge
> of deciding the network consensus rules, and is responsible for making
> changes to it in order to satisfy economic demand. If that is the
> case, Bitcoin has failed, in my opinion.
>
This circles back to Problem #1: Avoidance of a choice is a still a
choice - failing to ACK a MAX_BLOCK_SIZE increase still creates very real
Economic Change Event risk.
And #3: If the likely predicted course is that Bitcoin Core will not
accept a protocol change changing MAX_BLOCK_SIZE via hard fork in the short
term, the core dev team should communicate that position clearly to users
and media.
Hitting a Fee Event is market changing, potentially reshuffling economic
actors to a notable degree. Maintaining a short term economic policy of
fixed 1M supply in the face of rising transaction volume carries risks that
should be analyzed and communicated.
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next prev parent reply other threads:[~2015-12-16 21:08 UTC|newest]
Thread overview: 31+ messages / expand[flat|nested] mbox.gz Atom feed top
2015-12-16 14:53 Jeff Garzik
2015-12-16 18:34 ` Pieter Wuille
2015-12-16 21:08 ` Jeff Garzik [this message]
2015-12-16 21:11 ` Pieter Wuille
2015-12-17 2:06 ` Jameson Lopp
2015-12-17 16:58 ` Tier Nolan
2015-12-17 19:44 ` Peter Todd
2015-12-18 5:23 ` Jorge Timón
2015-12-18 9:44 ` Tier Nolan
2015-12-16 21:24 ` Jorge Timón
2015-12-16 21:36 ` Jeff Garzik
2015-12-18 5:11 ` Jeff Garzik
2015-12-18 7:56 ` Pieter Wuille
2015-12-18 10:13 ` sickpig
2015-12-18 15:48 ` Pieter Wuille
2015-12-19 19:04 ` Dave Scotese
[not found] ` <751DFAA9-9013-4C54-BC1E-5F7ECB7469CC@gmail.com>
2015-12-26 16:44 ` Pieter Wuille
2015-12-26 17:20 ` Jorge Timón
2015-12-26 22:55 ` Jonathan Toomim
2015-12-26 23:01 ` Pieter Wuille
2015-12-26 23:07 ` Jonathan Toomim
2015-12-26 23:16 ` Pieter Wuille
2015-12-27 0:03 ` Jonathan Toomim
2015-12-26 23:15 ` Justus Ranvier
2015-12-27 0:13 ` Bryan Bishop
2015-12-27 0:33 ` Justus Ranvier
2015-12-18 13:56 ` Jeff Garzik
2015-12-23 6:26 ` Aaron Voisine
2015-12-16 18:36 ` jl2012
2015-12-16 22:27 ` Jeff Garzik
2015-12-17 6:12 ` Dave Scotese
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