{"type":"rich","version":"1.0","author_name":"npub1tjephawh7fdf6358jufuh5eyxwauzrjqa7qn50pglee4tayc2ntqcjtl6r","author_url":"https://nostr.ae/npub1tjephawh7fdf6358jufuh5eyxwauzrjqa7qn50pglee4tayc2ntqcjtl6r","provider_name":"njump","provider_url":"https://nostr.ae","html":"📅 Original date posted:2015-08-10\n📝 Original message:On Aug 11, 2015 12:18 AM, \"Thomas Zander via bitcoin-dev\" \u003c\nbitcoin-dev at lists.linuxfoundation.org\u003e wrote:\n\n\u003e Have you ever been to a concert that was far away from public transport?\nThey\n\u003e typically set up bus shuttles, or taxis to get people back into town\n\u003e afterwards.\n\u003e The result there is always you end up waiting forever and it actually may\nbe\n\u003e easier to just walk instead of wait.\n\u003e The amount you pay is irrelevant if everyone is paying it. There still is\nmore\n\u003e demand than there is capacity.\n\nThat's an incorrect analogy. You choose the rate you pay, and get higher\npriority when you pay more. Taxi drivers can't pick out higher-paying\ncustomers in advance.\n\nA better comparison is Uber, which charges more in places with high demand,\nand you can accept or refuse in advance. And yes, it remains reliable if\nyou're among those with the highest willingness to pay.\n\n\u003e So, no, its not unreliable for cheap free transactions.\n\u003e Its unreliable for all types of transactions.\n\nIf 2500 transactions fit in the block chain per day (assuming constant\nsize) and there are less than 2500 per hour that pay at least 0.001 BTC in\nfee, then any transaction which pays more than 0.001 BTC will have a very\nhigh chance of getting in a small multiple of one hour, since miners\nprioritize by feerate.\n\nIf there are in addition to that 5000 transactions per hour which pay less,\nthen yes, they need to compete for the remaiming space and their\nconfirmation will be unreliable.\n\nThe whole point is that whether confirmation at a particular price point is\nreliable depends on how much demand there is at that price point. And\nincreasing the block size out of fear of what might happen is failing to\nrecognize that it can always happen that there is a sudden change in demand\nthat outcompetes the rest.\n\nThe point is not that evolution towards a specific higher feerate needs to\nhappen, but an evolution to an ecosystem that accepts that there is never a\nguarantee for reliability, unless you're willing to pay more than everyone\nelse - whatever that number is.\n\n-- \nPieter\n-------------- next part --------------\nAn HTML attachment was scrubbed...\nURL: \u003chttp://lists.linuxfoundation.org/pipermail/bitcoin-dev/attachments/20150811/b117bc74/attachment-0001.html\u003e"}