{"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:2015-05-07\n📝 Original message:On Thu, May 7, 2015 at 3:31 PM, Alan Reiner \u003cetotheipi at gmail.com\u003e wrote:\n\n\u003e  (1) Blocks are essentially nearing \"full\" now.  And by \"full\" he means\n\u003e that the reliability of the network (from the average user perspective) is\n\u003e about to be impacted in a very negative way\n\u003e\n\nEr, to be economically precise, \"full\" just means fees are no longer zero.\nBitcoin behaves as it always has.  It is no longer basically free to dump\nspam into the blockchain, as it is today.\n\nIn the short term, blocks are bursty, with some on 1 minute intervals, some\nwith 60 minute intervals.  This does not change with larger blocks.\n\n\n\n\u003e (2) Leveraging fee pressure at 1MB to solve the problem is actually really\n\u003e a bad idea.  It's really bad while Bitcoin is still growing, and relying on\n\u003e fee pressure at 1 MB severely impacts attractiveness and adoption potential\n\u003e of Bitcoin (due to high fees and unreliability).  But more importantly, it\n\u003e ignores the fact that for a 7 tps is pathetic for a global transaction\n\u003e system.  It is a couple orders of magnitude too low for any meaningful\n\u003e commercial activity to occur.  If we continue with a cap of 7 tps forever,\n\u003e Bitcoin *will* fail.  Or at best, it will fail to be useful for the vast\n\u003e majority of the world (which probably leads to failure).  We shouldn't be\n\u003e talking about fee pressure until we hit 700 tps, which is probably still\n\u003e too low.\n\u003e\n [...]\n\n1) Agree that 7 tps is too low\n\n2) Where do you want to go?  Should bitcoin scale up to handle all the\nworld's coffees?\n\nThis is hugely unrealistic.  700 tps is 100MB blocks, 14.4 GB/day -- just\nfor a single feed.  If you include relaying to multiple nodes, plus serving\n500 million SPV clients en grosse, who has the capacity to run such a\nnode?  By the time we get to fee pressure, in your scenario, our network\nnode count is tiny and highly centralized.\n\n3) In RE \"fee pressure\" -- Do you see the moral hazard to a software-run\nsystem?  It is an intentional, human decision to flood the market with\nsupply, thereby altering the economics, forcing fees to remain low in the\nhopes of achieving adoption.  I'm pro-bitcoin and obviously want to see\nbitcoin adoption - but I don't want to sacrifice every decentralized\nprinciple and become a central banker in order to get there.\n\n-- \nJeff Garzik\nBitcoin core developer and open source evangelist\nBitPay, Inc.      https://bitpay.com/\n-------------- next part --------------\nAn HTML attachment was scrubbed...\nURL: \u003chttp://lists.linuxfoundation.org/pipermail/bitcoin-dev/attachments/20150507/52c8aa10/attachment.html\u003e"}