{"type":"rich","version":"1.0","author_name":"npub17ty4mumkv43w8wtt0xsz2jypck0gvw0j8xrcg6tpea25z2nh7meqf4qgyd","author_url":"https://nostr.ae/npub17ty4mumkv43w8wtt0xsz2jypck0gvw0j8xrcg6tpea25z2nh7meqf4qgyd","provider_name":"njump","provider_url":"https://nostr.ae","html":"📅 Original date posted:2015-06-19\n📝 Original message:\u003e\n\u003e Yeah, but increasing block-size is not a longterm solution.\n\n\nAre you sure? That sort of statement is hard to answer because it doesn't\nsay what you think long term is, or how much you expect Bitcoin to grow.\n\nSatoshi thought it was a perfectly fine long term solution because he\nthought hardware would get cheaper as fast or faster than Bitcoin would\ngrow. You may disagree with him, but as we're talking about the future are\nyou 100% certain he was wrong? I did calculations a long time ago that\nsuggested even with today's hardware (+some software optimisations) it\nwould be feasible to keep up with Visa.\n\nHardware improvements can be unintuitive. There's a spreadsheet here that\nlets you play with various parameters.\n\nhttps://docs.google.com/spreadsheets/d/1PJvrAAOVYVszfRRLhKqd1R9lRiOAImzAfdeb6ajATEY/edit#gid=1451669128\n\n(note: the spreadsheet says avg txn size is 250 bytes, but if you check the\nformula for the middle column, it does actually use 500 bytes as the\nmultiplier hard coded).\n\n\n\u003e Necessary higher fees are a logical consequence of lower subsidies.\n\u003e Bitcoin was basically free to use at the beginning because miners got paid\n\u003e with new coins at  the expense of those who already hold coins.\n\u003e Eventually there needs to be a mechanism which matches supply and demand.\n\u003e\n\nThat's not clear either, I'm afraid.\n\nRemember that there's an upper limit on how high Bitcoin fees can go. When\nfees become higher than what the banking system charges, many users won't\nuse Bitcoin for moving money around anymore. Fees cannot really go much\nhigher than that even if you assume the currency is still attractive for\nother reasons, because people would just sell their coins for fiat, move\nthe fiat, and buy back the coins the other side.\n\nThe way mining will be funded in future is an open question. There are\ndiffering proposals. Still, even with a higher hard block size limit,\nminers can always refuse to mine transactions that don't include a\nparticular fee. So if you're worried about this, miners aren't being forced\ninto any particular policy.\n-------------- next part --------------\nAn HTML attachment was scrubbed...\nURL: \u003chttp://lists.linuxfoundation.org/pipermail/bitcoin-dev/attachments/20150619/e6f72ab6/attachment.html\u003e"}