📅 Original date posted:2016-12-11
📝 Original message:I think the main thing you're missing is that there will always be
transactions available to mine simply because demand for blockspace is
effectively unbounded as fees approach 0. Nodes generally have a
static mempool size and dynamic minrelaytxfee nowadays so as
transactions get mined lower fee transactions get accepted into the
mempool. An individual opting to not send a transaction would not make
the blocks smaller simply because there will always be other
transactions available(it would really only have an effect on the
transaction fees needed to get mined).
On Sun, Dec 11, 2016 at 3:40 PM, t. khan <teekhan42 at gmail.com> wrote:
>
> On Sun, Dec 11, 2016 at 3:31 PM, James Hilliard <james.hilliard1 at gmail.com>
> wrote:
>>
>> What's most likely to happen is miners will max out the blocks they
>> mine simply to try and get as many transaction fees as possible like
>> they are doing right now(there will be a backlog of transactions at
>> any block size). Having the block size double every year would likely
>> cause major problems and this proposal allows over a 7x increase it
>> seems.
>
>
> Block75 is not exponential scaling. It's true the max theoretical increase
> in the first year would be 7x, but the next year would be a max of 2x, and
> the next could only increase by 50% and so on.
>
> However, to reach the max in the first year: 1) ALL blocks would have to be
> 100% full and 2) transactions would have to increase at the same rate. We'd
> have to be doing 2.1 million transactions a day within a year to make that
> happen, and would therefore need blocks to be that big.
>
> Realistically, max block size will grow (and shrink) at a much slower rate
> ... even more so with SegWit.
>
>>
>> The main problem with this proposal I think is that users effectively
>>
>> have no way to stop the miners from increasing block size
>> continuously.
>
>
> Yes they could, simply by not sending transactions. Users don't care at all
> about block size. They just want their transactions to be fast and
> relatively cheap.
>
> -t.k.
James Hilliard [ARCHIVE] /
npub10r…kgk2d
2023-06-07 17:54:50
in reply to nevent1q…rxw0
Author Public Key
npub10r9d6edmnrljk59wsf06zqp494l3qtjpa3w245hy6t5euqxlzw2qdkgk2dPublished at
2023-06-07 17:54:50Event JSON
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"content": "📅 Original date posted:2016-12-11\n📝 Original message:I think the main thing you're missing is that there will always be\ntransactions available to mine simply because demand for blockspace is\neffectively unbounded as fees approach 0. Nodes generally have a\nstatic mempool size and dynamic minrelaytxfee nowadays so as\ntransactions get mined lower fee transactions get accepted into the\nmempool. An individual opting to not send a transaction would not make\nthe blocks smaller simply because there will always be other\ntransactions available(it would really only have an effect on the\ntransaction fees needed to get mined).\n\nOn Sun, Dec 11, 2016 at 3:40 PM, t. khan \u003cteekhan42 at gmail.com\u003e wrote:\n\u003e\n\u003e On Sun, Dec 11, 2016 at 3:31 PM, James Hilliard \u003cjames.hilliard1 at gmail.com\u003e\n\u003e wrote:\n\u003e\u003e\n\u003e\u003e What's most likely to happen is miners will max out the blocks they\n\u003e\u003e mine simply to try and get as many transaction fees as possible like\n\u003e\u003e they are doing right now(there will be a backlog of transactions at\n\u003e\u003e any block size). Having the block size double every year would likely\n\u003e\u003e cause major problems and this proposal allows over a 7x increase it\n\u003e\u003e seems.\n\u003e\n\u003e\n\u003e Block75 is not exponential scaling. It's true the max theoretical increase\n\u003e in the first year would be 7x, but the next year would be a max of 2x, and\n\u003e the next could only increase by 50% and so on.\n\u003e\n\u003e However, to reach the max in the first year: 1) ALL blocks would have to be\n\u003e 100% full and 2) transactions would have to increase at the same rate. We'd\n\u003e have to be doing 2.1 million transactions a day within a year to make that\n\u003e happen, and would therefore need blocks to be that big.\n\u003e\n\u003e Realistically, max block size will grow (and shrink) at a much slower rate\n\u003e ... even more so with SegWit.\n\u003e\n\u003e\u003e\n\u003e\u003e The main problem with this proposal I think is that users effectively\n\u003e\u003e\n\u003e\u003e have no way to stop the miners from increasing block size\n\u003e\u003e continuously.\n\u003e\n\u003e\n\u003e Yes they could, simply by not sending transactions. Users don't care at all\n\u003e about block size. They just want their transactions to be fast and\n\u003e relatively cheap.\n\u003e\n\u003e -t.k.",
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