{"type":"rich","version":"1.0","author_name":"npub1sm6zhjmk5scuz294jmpkw99wwwjzetjgwp4fu4gn6utqgdz87hkqamnq7h","author_url":"https://nostr.ae/npub1sm6zhjmk5scuz294jmpkw99wwwjzetjgwp4fu4gn6utqgdz87hkqamnq7h","provider_name":"njump","provider_url":"https://nostr.ae","html":"📅 Original date posted:2015-05-07\n📝 Original message:This *is* urgent and needs to be handled right now, and I believe Gavin\nhas the best approach to this.  I have heard Gavin's talks on increasing\nthe block size, and the two most persuasive points to me were:\n\n(1) Blocks are essentially nearing \"full\" now.  And by \"full\" he means\nthat the reliability of the network (from the average user perspective)\nis about to be impacted in a very negative way (I believe it was due to\nthe inconsistent time between blocks).  I think Gavin said that his\nsimulations showed 400 kB - 600 kB worth of transactions per 10 min\n(approx 3-4 tps) is where things start to behave poorly for certain\nclasses of transactions.  In other words, we're very close to the\neffective limit in terms of maintaining the current \"standard of\nliving\", and with a year needed to raise the block time this actually is\nurgent.\n\n(2) Leveraging fee pressure at 1MB to solve the problem is actually\nreally a bad idea.  It's really bad while Bitcoin is still growing, and\nrelying on fee pressure at 1 MB severely impacts attractiveness and\nadoption potential of Bitcoin (due to high fees and unreliability).  But\nmore importantly, it ignores the fact that for a 7 tps is pathetic for a\nglobal transaction system.  It is a couple orders of magnitude too low\nfor any meaningful commercial activity to occur.  If we continue with a\ncap of 7 tps forever, Bitcoin *will* fail.  Or at best, it will fail to\nbe useful for the vast majority of the world (which probably leads to\nfailure).  We shouldn't be talking about fee pressure until we hit 700\ntps, which is probably still too low. \n\nYou can argue that side chains and payment channels could alleviate\nthis.  But how far off are they?  We're going to hit effective 1MB\nlimits long before we can leverage those in a meaningful way.  Even if\neveryone used them, getting a billion people onto the system just can't\nhappen even at 1 transaction per year per person to get into a payment\nchannel or move money between side chains.\n\nWe get asked all the time by corporate clients about scalability.  A\nlimit of 7 tps makes them uncomfortable that they are going to invest\nall this time into a system that has no chance of handling the economic\nactivity that they expect it handle.  We always assure them that 7 tps\nis not the final answer. \n\nSatoshi didn't believe 1 MB blocks were the correct answer.  I\npersonally think this is critical to Bitcoin's long term future.   And\nI'm not sure what else Gavin could've done to push this along in a\nmeaninful way.\n\n-Alan\n\n\nOn 05/07/2015 02:06 PM, Mike Hearn wrote:\n\u003e\n\u003e     I think you are rubbing against your own presupposition that\n\u003e     people must find and alternative right now. Quite a lot here do\n\u003e     not believe there is any urgency, nor that there is an immanent\n\u003e     problem that has to be solved before the sky falls in.\n\u003e\n\u003e\n\u003e I have explained why I believe there is some urgency, whereby \"some\n\u003e urgency\" I mean, assuming it takes months to implement, merge, test,\n\u003e release and for people to upgrade.\n\u003e\n\u003e But if it makes you happy, imagine that this discussion happens all\n\u003e over again next year and I ask the same question.\n\u003e\n\u003e\n\u003e\n\u003e ------------------------------------------------------------------------------\n\u003e One dashboard for servers and applications across Physical-Virtual-Cloud \n\u003e Widest out-of-the-box monitoring support with 50+ applications\n\u003e Performance metrics, stats and reports that give you Actionable Insights\n\u003e Deep dive visibility with transaction tracing using APM Insight.\n\u003e http://ad.doubleclick.net/ddm/clk/290420510;117567292;y\n\u003e\n\u003e\n\u003e _______________________________________________\n\u003e Bitcoin-development mailing list\n\u003e Bitcoin-development at lists.sourceforge.net\n\u003e https://lists.sourceforge.net/lists/listinfo/bitcoin-development\n\n-------------- next part --------------\nAn HTML attachment was scrubbed...\nURL: \u003chttp://lists.linuxfoundation.org/pipermail/bitcoin-dev/attachments/20150507/8d08315a/attachment.html\u003e"}