{"type":"rich","version":"1.0","author_name":"npub1kf0ppcjaguxekg24yx6smgxlu73qn0k8lm0t2wrqc0scpl7u3sgsmf3f58","author_url":"https://nostr.ae/npub1kf0ppcjaguxekg24yx6smgxlu73qn0k8lm0t2wrqc0scpl7u3sgsmf3f58","provider_name":"njump","provider_url":"https://nostr.ae","html":"📅 Original date posted:2015-07-22\n📝 Original message:On Wed, Jul 22, 2015 at 11:03 AM, Alex Morcos \u003cmorcos at gmail.com\u003e wrote:\n\n\u003e Over the last 6 years there may not have been fee pressure, but certainly\n\u003e there was the expectation that it was going to happen.  Look at all the\n\u003e work that has been put into fee estimation, why do that work if the\n\u003e expectation was there would be no fee pressure?\n\u003e\n\nThere is a vast difference between what software developers have been\nchattering about in the background versus what the users actually\nexperience in the field.\n\nTo the user, talk of a fee market is equivalent to talk about block size -\nvarious opinions are tossed about, but it doesn't really impact them.  Fees\nhave been low for 6 years.\n\nWe see this with the actual data - no fee pressure on average for the\nentirety of bitcoin's history.  We see this with the recent stress tests,\nwhich exposed dumb wallet behavior WRT fees.   Users -and software- had the\nexpectation\n\nRemember, this is not a judgement on whether or not fee market/pressure\nshould exist.  It is simply a factual observation that users/market have\nnot experienced this new economic policy.\n\nThat opens the question - *why now?*   Why make bitcoin growth more\nexpensive at this time in its young life?  Many smart people would prefer\nthat bitcoin continue to grow, rather than making the system more expensive\nto use right now.\n\nChoosing \"let a fee market develop\" -- *today* -- is picking economic\nsides, picking winners \u0026 losers in the market.\n\nThis new policy should be debated and consensus achieved, not simply rolled\nout by fiat without user notification.\n\nOtherwise it is engaging in precisely the economic wizardry that this\nthread opened with decrying.\n\nJust like block size, there are multiple sides to the fee market debate.\nHowever, Bitcoin Core has (unfortunately) outsized decision making power in\nthat simply avoiding progress on block size limit will achieve the \"let a\nfee market develop\" economic policy change.  Ironic but true - sitting\naround and doing nothing dumps users into a new economic policy.\n-------------- next part --------------\nAn HTML attachment was scrubbed...\nURL: \u003chttp://lists.linuxfoundation.org/pipermail/bitcoin-dev/attachments/20150722/bc0495dc/attachment.html\u003e"}