📅 Original date posted:2015-06-27
📝 Original message:There is no ensured Quality of service, is there? If you "bid" higher, then
you don't know what you are going to get. Also because you have no way of
knowing what *others* are bidding. Only if you have auctions (increasing
increments) you can establish a feedback loop to settle demand and supply.
And the supply side doesn't adapt. Adapting supply would help resolve parts
of the capacity problem.
On Sat, Jun 27, 2015 at 7:37 PM, Peter Todd <pete at petertodd.org> wrote:
> On Sat, Jun 27, 2015 at 07:26:00PM +0200, Benjamin wrote:
> > "Thus we have a fixed capacity system where access is mediated by supply
> > and demand transaction fees."
> >
> > There is no supply and demand. That would mean users would be able to
> adapt
> > fees and get different quality of service depending on current capacity.
> > For example if peak load is 10x average load, then at those times fees
> > would be higher and users would delay transactions to smooth out demand.
>
> That's exactly how Bitcoin works already. See my article on how
> transaction fees work for more details:
>
> https://gist.github.com/petertodd/8e87c782bdf342ef18fb
>
> --
> 'peter'[:-1]@petertodd.org
> 0000000000000000007fc13ce02072d9cb2a6d51fae41fefcde7b3b283803d24
>
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Benjamin [ARCHIVE] /
npub17k…sr5tq
2023-06-07 15:40:49
in reply to nevent1q…s3wr
Author Public Key
npub17kz55p7ysz4ftvq2xyr2zamc776cygwcm5fdz8ndj3jm5umm65xq4sr5tqPublished at
2023-06-07 15:40:49Event JSON
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"content": "📅 Original date posted:2015-06-27\n📝 Original message:There is no ensured Quality of service, is there? If you \"bid\" higher, then\nyou don't know what you are going to get. Also because you have no way of\nknowing what *others* are bidding. Only if you have auctions (increasing\nincrements) you can establish a feedback loop to settle demand and supply.\nAnd the supply side doesn't adapt. Adapting supply would help resolve parts\nof the capacity problem.\n\nOn Sat, Jun 27, 2015 at 7:37 PM, Peter Todd \u003cpete at petertodd.org\u003e wrote:\n\n\u003e On Sat, Jun 27, 2015 at 07:26:00PM +0200, Benjamin wrote:\n\u003e \u003e \"Thus we have a fixed capacity system where access is mediated by supply\n\u003e \u003e and demand transaction fees.\"\n\u003e \u003e\n\u003e \u003e There is no supply and demand. That would mean users would be able to\n\u003e adapt\n\u003e \u003e fees and get different quality of service depending on current capacity.\n\u003e \u003e For example if peak load is 10x average load, then at those times fees\n\u003e \u003e would be higher and users would delay transactions to smooth out demand.\n\u003e\n\u003e That's exactly how Bitcoin works already. See my article on how\n\u003e transaction fees work for more details:\n\u003e\n\u003e https://gist.github.com/petertodd/8e87c782bdf342ef18fb\n\u003e\n\u003e --\n\u003e 'peter'[:-1]@petertodd.org\n\u003e 0000000000000000007fc13ce02072d9cb2a6d51fae41fefcde7b3b283803d24\n\u003e\n-------------- next part --------------\nAn HTML attachment was scrubbed...\nURL: \u003chttp://lists.linuxfoundation.org/pipermail/bitcoin-dev/attachments/20150627/4f0abdd8/attachment.html\u003e",
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