{"type":"rich","version":"1.0","author_name":"npub19jx6yq5fyvvcn3zlf0f60kr78q7wq5fy5qd9yqlqwumlqqcfc8rsl7fxhj","author_url":"https://nostr.ae/npub19jx6yq5fyvvcn3zlf0f60kr78q7wq5fy5qd9yqlqwumlqqcfc8rsl7fxhj","provider_name":"njump","provider_url":"https://nostr.ae","html":"📅 Original date posted:2015-08-07\n📝 Original message:Interesting position there Peter...you fear more people actually using\nbitcoin.  The less on chain transactions the lower the velocity and the\nlower the value of the network.  I would be careful what you ask for\nbecause you end up having nothing left to even root the security of these\noff chain transactions with and then neither will exist.\n\nNobody ever said you wouldn't run out of capacity at any size.  It's quite\nthe fallacy to draw the conclusion from that statement that block size\nshould remain far below a capacity it can easily maintain which would bring\nmore users/velocity/value to the system.  The outcomes of both of those\nscenarios are asymmetric.  A higher block size can support more users and\nvolume.\n\nRaising the blocksize isn't out of fear.  It's the realization that we are\nat a point where we can raise it and support more users and transactions\nwhile keeping the downsides to a minimum (centralization etc).\nOn Aug 7, 2015 11:28 AM, \"Pieter Wuille via bitcoin-dev\" \u003c\nbitcoin-dev at lists.linuxfoundation.org\u003e wrote:\n\n\u003e On Fri, Aug 7, 2015 at 5:55 PM, Gavin Andresen \u003cgavinandresen at gmail.com\u003e\n\u003e wrote:\n\u003e\n\u003e\u003e On Fri, Aug 7, 2015 at 11:16 AM, Pieter Wuille \u003cpieter.wuille at gmail.com\u003e\n\u003e\u003e wrote:\n\u003e\u003e\n\u003e\u003e\u003e I guess my question (and perhaps that's what Jorge is after): do you\n\u003e\u003e\u003e feel that blocks should be increased in response to (or for fear of) such a\n\u003e\u003e\u003e scenario.\n\u003e\u003e\u003e\n\u003e\u003e\n\u003e\u003e I think there are multiple reasons to raise the maximum block size, and\n\u003e\u003e yes, fear of Bad Things Happening as we run up against the 1MB limit is one\n\u003e\u003e of the reasons.\n\u003e\u003e\n\u003e\u003e I take the opinion of smart engineers who actually do resource planning\n\u003e\u003e and have seen what happens when networks run out of capacity very seriously.\n\u003e\u003e\n\u003e\n\u003e This is a fundamental disagreement then. I believe that the demand is\n\u003e infinite if you don't set a fee minimum (and I don't think we should), and\n\u003e it just takes time for the market to find a way to fill whatever is\n\u003e available - the rest goes into off-chain systems anyway. You will run out\n\u003e of capacity at any size, and acting out of fear of that reality does not\n\u003e improve the system. Whatever size blocks are actually produced, I believe\n\u003e the result will either be something people consider too small to be\n\u003e competitive (\"you mean Bitcoin can only do 24 transactions per second?\"\n\u003e sounds almost the same as \"you mean Bitcoin can only do 3 transactions per\n\u003e second?\"), or something that is very centralized in practice, and likely\n\u003e both.\n\u003e\n\u003e\n\u003e\u003e And if so, if that is a reason for increase now, won't it be a reason for\n\u003e\u003e\u003e an increase later as well? It is my impression that your answer is yes,\n\u003e\u003e\u003e that this is why you want to increase the block size quickly and\n\u003e\u003e\u003e significantly, but correct me if I'm wrong.\n\u003e\u003e\u003e\n\u003e\u003e\n\u003e\u003e Sure, it might be a reason for an increase later. Here's my message to\n\u003e\u003e in-the-future Bitcoin engineers:  you should consider raising the maximum\n\u003e\u003e block size if needed and you think the benefits of doing so (like increased\n\u003e\u003e adoption or lower transaction fees or increased reliability) outweigh the\n\u003e\u003e costs (like higher operating costs for full-nodes or the disruption caused\n\u003e\u003e by ANY consensus rule change).\n\u003e\u003e\n\u003e\n\u003e In general that sounds reasonable, but it's a dangerous precedent to make\n\u003e technical decisions based on a fear of change of economics...\n\u003e\n\u003e --\n\u003e Pieter\n\u003e\n\u003e\n\u003e _______________________________________________\n\u003e bitcoin-dev mailing list\n\u003e bitcoin-dev at lists.linuxfoundation.org\n\u003e https://lists.linuxfoundation.org/mailman/listinfo/bitcoin-dev\n\u003e\n\u003e\n-------------- next part --------------\nAn HTML attachment was scrubbed...\nURL: \u003chttp://lists.linuxfoundation.org/pipermail/bitcoin-dev/attachments/20150807/e608eb78/attachment.html\u003e"}