[bitcoin-dev] Răspuns: Personal opinion on the fee market from a worried local trader

Jorge Timón jtimon at jtimon.cc
Thu Jul 30 18:14:47 UTC 2015

On Thu, Jul 30, 2015 at 3:14 PM, Tom Harding via bitcoin-dev
<bitcoin-dev at lists.linuxfoundation.org> wrote:
> On 7/29/2015 9:48 PM, Ryan Butler via bitcoin-dev wrote:
> ... more evidence that conclusively refutes the conjecture that a
> production quota is necessary for a "functioning fee market."  A
> production quota merely pushes up fees.  We have a functioning market,
> and so far, it shows that wider bitcoin usage is even more effective
> than a quota at pushing up fees.

The blocksize limit (your "production quota") is necessary for
decentralization, not for having a functioning fee market.
But I have the hope that hitting the limit would help with getting rid
of all that special-case or at least would encourage miners to
implement their own policies.
If we can agree that hitting the limit will JUST cause higher fees and
not bitcoin to fail, puppies to die or the sky to turn purple I think
that's a great step forward in this debate.
>From that perspective, hitting the limit is not something terribly bad
(as said, I think it can even have positive consequences; for example,
higher fees may be just what is needed for more scalable solutions
[like payment channels] to be adopted by bitcoin companies). Hitting
the limit may produce a more healthy market, but it is true that a
market for fast confirmations already exists.

Unless we want to completely get rid of the blocksize limit (which I
would consider another debate entirely), we will eventually hit the
limit anyway. Why not now so that we can make sure the software is
completely compatible with having a limit?
Why we can hit the limit eventually but not now?

(As said, unless you think the limit should be completely removed forever).

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