[bitcoin-dev] Block size: It's economics & user preparation & moral hazard

Jeff Garzik jgarzik at gmail.com
Wed Dec 16 21:36:18 UTC 2015

On Wed, Dec 16, 2015 at 4:24 PM, Jorge Timón <jtimon at jtimon.cc> wrote:

> Assuming we adopt bip102, eventually you will be able to say exactly the
> same about 2 MB. When does this "let's not change the economics" finishes
> (if ever)?

The question is answered in the original email.

In the short term, the risk of a Fee Event and lack of solid post-Fee-Event
economic plan implies "short term bump" reduces those risks.

It is also true - as noted in [1], a bump does create the danger of long
term moral hazard.

This is why a bump should be accompanied with at least a weak public
commitment to flexcap or a similar long term proposal, as the original
email recommended.  Communicate clearly the conditions for future change,
then iterate as needs and feedback indicate.

[1] http://gtf.org/garzik/bitcoin/BIP100-blocksizechangeproposal.pdf
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