{"type":"rich","version":"1.0","author_name":"npub1du3xh5wgds32a5fweqkd9k45kh30wl7kv2kyu8ugz9c2ztdg00tqqvyg93","author_url":"https://nostr.ae/npub1du3xh5wgds32a5fweqkd9k45kh30wl7kv2kyu8ugz9c2ztdg00tqqvyg93","provider_name":"njump","provider_url":"https://nostr.ae","html":"📅 Original date posted:2015-08-10\n📝 Original message:On Monday 10. August 2015 16.34.55 Pieter Wuille via bitcoin-dev wrote:\n\u003e On Mon, Aug 10, 2015 at 4:12 PM, Gavin Andresen \u003cgavinandresen at gmail.com\u003e\n\u003e \n\u003e wrote:\n\u003e \u003e Executive summary: when networks get over-saturated, they become\n\u003e \u003e unreliable.  Unreliable is bad.\n\u003e \u003e \n\u003e \u003e Unreliable and expensive is extra bad, and that's where we're headed\n\u003e \u003e without an increase to the max block size.\n\u003e \n\u003e I think I see your point of view. You see demand for on-chain transactions\n\u003e as a single number that grows with adoption. Once the transaction creation\n\u003e rate grows close to the capacity, transactions will become unreliable, and\n\u003e you consider this a bad thing.\n\nEveryone in any industry will consider that a bad thing.\n\nThere is no doubt that on-chain transactions will grow, absolutely no doubt.\nYou can direct many people to off-chain systems, but that will not stop growth \nof on-chain transactions. Bitcoin economy is absolutely tiny and there is a \nhuge amount of growth possible.  It can only grow.\n\n\n\u003e And if you see Bitcoin as a payment system where guaranteed time to\n\u003e confirmation is a feature, I fully agree.\n\nNaturally, that is a usecase.  But not really one that enters my mind. It \ncertainly is not a requirement to have guaranteed time.\n\nThe situation is much simpler than that.\nWe have maybe 0,007% of the world population using Bitcoin once a month. (half \na million people).  And I'm being very optimistic with that number...\nThis should give you an idea of how much growth is possible.\n\nThere is no doubt at all that the 1Mb blocks will get full, continuously, if \nwe get to a higher rate of usage. Even with the vast majority of users using \nBitcoin off-chain.\n\nAs such its not about a guaranteed time-to confirmation. Its about a \nconfirmation before I die.\n\n\u003e If you want transactions to be cheap, it will also be cheap to make them\n\u003e unreliable.\n\nIts not about transactions being cheap. The fee market is completely \nirrelevant to the block size. If you think otherwise you are delusional.\nThe reason it is irrelevant is because when the system starts consistently \ndropping transactions when user count goes up, and when that happens the \nBitcoin network looses value because people don't put value in something that \nis unreliable.\n\nThis is simple economy 101.\nLook at history; so many great companies made great products that had more \nfeatures, but didn't make it because their competition might have been slower \nto market, but it was actually reliable.\n-- \nThomas Zander"}