📅 Original date posted:2015-08-11
📝 Original message:On Tuesday 11. August 2015 00.52.23 Pieter Wuille wrote:
> The whole point is that whether confirmation at a particular price point is
> reliable depends on how much demand there is at that price point. And
> increasing the block size out of fear of what might happen is failing to
> recognize that it can always happen that there is a sudden change in demand
> that outcompetes the rest.
>
> The point is not that evolution towards a specific higher feerate needs to
> happen, but an evolution to an ecosystem that accepts that there is never a
> guarantee for reliability, unless you're willing to pay more than everyone
> else - whatever that number is.
I'm going to go with this one, since we are seeking common ground and all of
this makes sense to me. And I bet to Gavin would agree to this too.
The question I want to ask is this;
How do you expect to get from the current to the situation outlined above?
There are several market forces at work;
* people currently expect near-free payments.
* people currently expect zero-confirmations.
* Bitcoin is seeing a huge amount of uptake, popularity, etc.
* With Greece still in flux, there is a potential enormous spike of usage set
to come when (not if) the Euro falls.
I conclude that we need;
* to create and make working solutions like LN, sidechains etc etc etc.
This should allow people to get their fast confirmation time. Who cares its of
a different nature, the point is that the coffeeshop owner lets you leave with
your coffee. We can sell that.
* To buy ourselves time, LN is not done, Bitpay and friends work on-chain.
That won't change for a year at least.
We need to move the max-block size to a substantial bigger size to allow
Bitcoin to grow.
Unfortunately for us all, Bitcoin is over-sold. We don't have a sales
department but the worth-of-mouth leaves us in a bad situation. And we need to
react to make sure the product isn't killed by bad publicity. What Gox didn't
manage can certainly happen when people find out that Bitcoin can't currently
do any of the things everyone is talking about.
So, while LN is written, rolled out and tested, we need to respond with bigger
blocks. 8Mb - 8Gb sounds good to me.
Can everyone win?
--
Thomas Zander
Thomas Zander [ARCHIVE] /
npub1du…vyg93
2023-06-07 15:46:04
in reply to nevent1q…ac4g
Author Public Key
npub1du3xh5wgds32a5fweqkd9k45kh30wl7kv2kyu8ugz9c2ztdg00tqqvyg93Published at
2023-06-07 15:46:04Event JSON
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"content": "📅 Original date posted:2015-08-11\n📝 Original message:On Tuesday 11. August 2015 00.52.23 Pieter Wuille wrote:\n\u003e The whole point is that whether confirmation at a particular price point is\n\u003e reliable depends on how much demand there is at that price point. And\n\u003e increasing the block size out of fear of what might happen is failing to\n\u003e recognize that it can always happen that there is a sudden change in demand\n\u003e that outcompetes the rest.\n\u003e \n\u003e The point is not that evolution towards a specific higher feerate needs to\n\u003e happen, but an evolution to an ecosystem that accepts that there is never a\n\u003e guarantee for reliability, unless you're willing to pay more than everyone\n\u003e else - whatever that number is.\n\n\nI'm going to go with this one, since we are seeking common ground and all of \nthis makes sense to me. And I bet to Gavin would agree to this too.\n\nThe question I want to ask is this;\n\nHow do you expect to get from the current to the situation outlined above?\n\nThere are several market forces at work;\n\n* people currently expect near-free payments.\n* people currently expect zero-confirmations.\n* Bitcoin is seeing a huge amount of uptake, popularity, etc.\n* With Greece still in flux, there is a potential enormous spike of usage set \nto come when (not if) the Euro falls.\n\n\nI conclude that we need;\n\n* to create and make working solutions like LN, sidechains etc etc etc.\nThis should allow people to get their fast confirmation time. Who cares its of \na different nature, the point is that the coffeeshop owner lets you leave with \nyour coffee. We can sell that.\n\n* To buy ourselves time, LN is not done, Bitpay and friends work on-chain. \nThat won't change for a year at least.\nWe need to move the max-block size to a substantial bigger size to allow \nBitcoin to grow.\n\n\nUnfortunately for us all, Bitcoin is over-sold. We don't have a sales \ndepartment but the worth-of-mouth leaves us in a bad situation. And we need to \nreact to make sure the product isn't killed by bad publicity. What Gox didn't \nmanage can certainly happen when people find out that Bitcoin can't currently \ndo any of the things everyone is talking about.\nSo, while LN is written, rolled out and tested, we need to respond with bigger \nblocks. 8Mb - 8Gb sounds good to me.\n\nCan everyone win?\n-- \nThomas Zander",
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