{"type":"rich","version":"1.0","author_name":"npub1fx98zxt3lzspjs5f4msr0fxysx5euucm29ghysryju7vpc9j0jzqtcl2d8","author_url":"https://nostr.ae/npub1fx98zxt3lzspjs5f4msr0fxysx5euucm29ghysryju7vpc9j0jzqtcl2d8","provider_name":"njump","provider_url":"https://nostr.ae","html":"📅 Original date posted:2015-08-14\n📝 Original message:On Wed, Aug 12, 2015 at 1:21 PM, Venzen Khaosan \u003cvenzen at mail.bihthai.net\u003e wrote:\n\u003e -----BEGIN PGP SIGNED MESSAGE-----\n\u003e Hash: SHA1\n\u003e\n\u003e Jorge, you say 3 concerns at the end of your message but I only see 1)\n\u003e and 2). Assuming you've got a 3) and will add it, I'll contribute:\n\nNo, sorry it's 2 concerns/risks with 2 sub-concerns/risks each:\n\n1) Potential indirect consequence of rising fees.\n\n1.1) Lowest fee transactions (currently free transactions) will become\nmore unreliable.\n1.2) People will migrate to competing systems (PoW altcoins) with lower fees.\n\n2) Software problem independent of a concrete block size that needs to\nbe solved anyway, often specific to Bitcoin Core (ie other\nimplementations, say libbitcoin may not necessarily share these\nproblems).\n\n2.1) Bitcoin Core's mempool is unbounded in size and can make the program\ncrash by using too much memory.\n\n2.2) There's no good way to increase the fee of a transaction that is\ntaking too long to be mined without the \"double spending\" transaction\nwith the higher fee being blocked by most nodes which follow Bitcoin\nCore's default policy for conflicting spends replacements (aka \"first\nseen\" replacement policy).\n\n\u003e 4) General, undefined fear that something bad is going to happen when\n\u003e nodes choke up on a backlog of transactions.\n\u003e - - no specific symptoms are pointed at but presumably there is\n\u003e \"pre-traumatic stress\" at play.\n\u003e - - Bitcoin-based businesses are going to lose money, customers and\n\u003e potentially fail\n\u003e - - people will flee Bitcoin for another cryptocoin and Bitcoin will be\n\u003e left in the corner, collecting dust and memories of it will fade as\n\u003e SuperCoin with its big blocks becomes all things to all people.\n\nI believe thisbelongs in 2, not really sure if 2.1 or 2.2 since it's\nrelated to both.\n\n\u003e 5) Specific belief that the exchange rate will decline on network\n\u003e unreliability\n\u003e - - traders and investors will bid the price down, or\n\u003e - - traders/investors will stop speculating all together because even if\n\u003e their speculation is successful, they're not sure they'll be able to\n\u003e get their bitcoin out of exchanges, what with the broken network and all.\n\u003e - - The exchange rate reflects Bitcoin's value and not just speculation\n\u003e guided by a few large players like in other markets.\n\nI believe \"fear of exchange rate declining\" can probably be added to\nany concern/risk \"leaf\", so we should probably leave that for the end\nor just omit it.\n\n\u003e 6) Belief that Bitcoin's \"cargo\" is about to be delivered by fate:\n\u003e - - see https://en.wikipedia.org/wiki/Cargo_cult\n\u003e - - the cargo is variably presumed to be a range of hoped-for events: an\n\u003e adoption surge, a speculative rally similar to (or bigger than) 2013,\n\u003e or a global financial crisis that sees Bitcoin become the safe haven\n\u003e of choice.\n\u003e - - for the cargo to be delivered, a \"runway\" must be built - the larger\n\u003e the runway, the larger the cargo delivery. If the current runway is\n\u003e not expanded, then the cargo plane will go to a different island and\n\u003e won't come to Bitcoin Island.\n\u003e - - it is short-sighted and, in a way, ungrateful of the \"generals\" not\n\u003e to expand the runway - it will be their fault that the cargo doesn't\n\u003e get delivered and all the island's people, no the whole ocean's\n\u003e islands, will suffer because of silly security concerns.\n\u003e - - some people have taken the blueprints of the airbase and are\n\u003e building a large airstrip elsewhere on Bitcoin Island, but nobody is\n\u003e helping them build that long and wide runway. Everybody wants to\n\u003e expand this moderate runway - even the renegades who started Big\n\u003e Blocks Great Success airstrip.\n\u003e - - The sacred site of No-Middle-Zero-Attack-Point is at the start of\n\u003e the current runway. To expand it the site must be destroyed, but some\n\u003e former generals and many people say: It doesn't matter, we want Cargo,\n\u003e not a small attack surface. Just blast it!\n\nI'm not sure I understood this but seems related to the exchange rate."}