[Bitcoin-development] User vote in blocksize through fees
jgarzik at bitpay.com
Sun Jun 14 05:36:45 UTC 2015
The choice is very real and on-point. What should the block size limit
There is a large consensus that it needs increasing. To what? By what
The size limit literally defines the fee market, the whole damn thing. If
software high priests choose a size limit of 300k, space is scarce, fees
are bid high. If software high priests choose a size limit of 32mb, space
is plentiful, fees are near zero. Market actors take their signals
accordingly. Some business models boom, some business models fail, as a
direct result of changing this unintentionally-added speedbump. Different
users value adoption, decentralization etc. differently.
The size limit is an economic policy lever that needs to be transitioned
-away- from software and software developers, to the free market.
A simple, e.g. hard fork to 2MB or 4MB does not fix higher level governance
problems associated with actors lobbying developers, even if a cloistered
and vetted Technical Advisory Board as has been proposed.
On Sun, Jun 14, 2015 at 1:20 AM, Eric Lombrozo <elombrozo at gmail.com> wrote:
> I definitely think we need some voting system for metaconsensus…but if
> we’re going to seriously consider this we should look at the problem much
> more generally. Using false choices doesn’t really help, though ;)
> - Eric Lombrozo
> On Jun 13, 2015, at 10:13 PM, Jeff Garzik <jgarzik at bitpay.com> wrote:
> On Sun, Jun 14, 2015 at 1:08 AM, Eric Lombrozo <elombrozo at gmail.com>
>> 2) BIP100 has direct economic consequences…and particularly for miners.
>> It lends itself to much greater corruptibility.
> What is the alternative? Have a Chief Scientist or Technical Advisory
> Board choose what is a proper fee, what is a proper level of
> decentralization, a proper growth factor?
Bitcoin core developer and open source evangelist
BitPay, Inc. https://bitpay.com/
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