📅 Original date posted:2015-08-12
📝 Original message:-----BEGIN PGP SIGNED MESSAGE-----
Hash: SHA1
Jorge, you say 3 concerns at the end of your message but I only see 1)
and 2). Assuming you've got a 3) and will add it, I'll contribute:
4) General, undefined fear that something bad is going to happen when
nodes choke up on a backlog of transactions.
- - no specific symptoms are pointed at but presumably there is
"pre-traumatic stress" at play.
- - Bitcoin-based businesses are going to lose money, customers and
potentially fail
- - people will flee Bitcoin for another cryptocoin and Bitcoin will be
left in the corner, collecting dust and memories of it will fade as
SuperCoin with its big blocks becomes all things to all people.
5) Specific belief that the exchange rate will decline on network
unreliability
- - traders and investors will bid the price down, or
- - traders/investors will stop speculating all together because even if
their speculation is successful, they're not sure they'll be able to
get their bitcoin out of exchanges, what with the broken network and all.
- - The exchange rate reflects Bitcoin's value and not just speculation
guided by a few large players like in other markets.
6) Belief that Bitcoin's "cargo" is about to be delivered by fate:
- - see https://en.wikipedia.org/wiki/Cargo_cult
- - the cargo is variably presumed to be a range of hoped-for events: an
adoption surge, a speculative rally similar to (or bigger than) 2013,
or a global financial crisis that sees Bitcoin become the safe haven
of choice.
- - for the cargo to be delivered, a "runway" must be built - the larger
the runway, the larger the cargo delivery. If the current runway is
not expanded, then the cargo plane will go to a different island and
won't come to Bitcoin Island.
- - it is short-sighted and, in a way, ungrateful of the "generals" not
to expand the runway - it will be their fault that the cargo doesn't
get delivered and all the island's people, no the whole ocean's
islands, will suffer because of silly security concerns.
- - some people have taken the blueprints of the airbase and are
building a large airstrip elsewhere on Bitcoin Island, but nobody is
helping them build that long and wide runway. Everybody wants to
expand this moderate runway - even the renegades who started Big
Blocks Great Success airstrip.
- - The sacred site of No-Middle-Zero-Attack-Point is at the start of
the current runway. To expand it the site must be destroyed, but some
former generals and many people say: It doesn't matter, we want Cargo,
not a small attack surface. Just blast it!
On 08/12/2015 04:59 PM, Jorge Timón via bitcoin-dev wrote:
> I believe all concerns I've read can be classified in the following
> groups:
>
>> 1) Potential indirect consequence of rising fees.
>
> - Lowest fee transactions (currently free transactions) will
> become more unreliable. - People will migrate to competing systems
> (PoW altcoins) with lower fees.
>
>> 2) Software problem independent of a concrete block size that
>> needs to be solved anyway, often specific to Bitcoin Core (ie
>> other implementations, say libbitcoin may not necessarily share
>> these problems).
>
> - Bitcoin Core's mempool is unbounded in size and can make the
> program crash by using too much memory. - There's no good way to
> increase the fee of a transaction that is taking too long to be
> mined without the "double spending" transaction with the higher fee
> being blocked by most nodes which follow Bitcoin Core's default
> policy for conflicting spends replacements (aka "first seen"
> replacement policy).
>
> I have started with the 3 concerns that I read more often, but
> please suggest more concerns for these categories and suggest
> other categories if you think there's more.
> _______________________________________________ bitcoin-dev mailing
> list bitcoin-dev at lists.linuxfoundation.org
> https://lists.linuxfoundation.org/mailman/listinfo/bitcoin-dev
>
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Venzen Khaosan [ARCHIVE] /
npub1uu…r4rpf
2023-06-07 17:34:44
in reply to nevent1q…mrfh
Author Public Key
npub1uu2fve28mkg68uequseraz8gee7qg64733lr9r2g4c0xs5pmqnuslr4rpfPublished at
2023-06-07 17:34:44Event JSON
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"content": "📅 Original date posted:2015-08-12\n📝 Original message:-----BEGIN PGP SIGNED MESSAGE-----\nHash: SHA1\n\nJorge, you say 3 concerns at the end of your message but I only see 1)\nand 2). Assuming you've got a 3) and will add it, I'll contribute:\n\n4) General, undefined fear that something bad is going to happen when\nnodes choke up on a backlog of transactions.\n- - no specific symptoms are pointed at but presumably there is\n\"pre-traumatic stress\" at play.\n- - Bitcoin-based businesses are going to lose money, customers and\npotentially fail\n- - people will flee Bitcoin for another cryptocoin and Bitcoin will be\nleft in the corner, collecting dust and memories of it will fade as\nSuperCoin with its big blocks becomes all things to all people.\n\n5) Specific belief that the exchange rate will decline on network\nunreliability\n- - traders and investors will bid the price down, or\n- - traders/investors will stop speculating all together because even if\ntheir speculation is successful, they're not sure they'll be able to\nget their bitcoin out of exchanges, what with the broken network and all.\n- - The exchange rate reflects Bitcoin's value and not just speculation\nguided by a few large players like in other markets.\n\n6) Belief that Bitcoin's \"cargo\" is about to be delivered by fate:\n- - see https://en.wikipedia.org/wiki/Cargo_cult\n- - the cargo is variably presumed to be a range of hoped-for events: an\nadoption surge, a speculative rally similar to (or bigger than) 2013,\nor a global financial crisis that sees Bitcoin become the safe haven\nof choice.\n- - for the cargo to be delivered, a \"runway\" must be built - the larger\nthe runway, the larger the cargo delivery. If the current runway is\nnot expanded, then the cargo plane will go to a different island and\nwon't come to Bitcoin Island.\n- - it is short-sighted and, in a way, ungrateful of the \"generals\" not\nto expand the runway - it will be their fault that the cargo doesn't\nget delivered and all the island's people, no the whole ocean's\nislands, will suffer because of silly security concerns.\n- - some people have taken the blueprints of the airbase and are\nbuilding a large airstrip elsewhere on Bitcoin Island, but nobody is\nhelping them build that long and wide runway. Everybody wants to\nexpand this moderate runway - even the renegades who started Big\nBlocks Great Success airstrip.\n- - The sacred site of No-Middle-Zero-Attack-Point is at the start of\nthe current runway. To expand it the site must be destroyed, but some\nformer generals and many people say: It doesn't matter, we want Cargo,\nnot a small attack surface. Just blast it!\n\n\n\n\n\nOn 08/12/2015 04:59 PM, Jorge Timón via bitcoin-dev wrote:\n\u003e I believe all concerns I've read can be classified in the following\n\u003e groups:\n\u003e \n\u003e\u003e 1) Potential indirect consequence of rising fees.\n\u003e \n\u003e - Lowest fee transactions (currently free transactions) will\n\u003e become more unreliable. - People will migrate to competing systems\n\u003e (PoW altcoins) with lower fees.\n\u003e \n\u003e\u003e 2) Software problem independent of a concrete block size that\n\u003e\u003e needs to be solved anyway, often specific to Bitcoin Core (ie\n\u003e\u003e other implementations, say libbitcoin may not necessarily share\n\u003e\u003e these problems).\n\u003e \n\u003e - Bitcoin Core's mempool is unbounded in size and can make the\n\u003e program crash by using too much memory. - There's no good way to\n\u003e increase the fee of a transaction that is taking too long to be\n\u003e mined without the \"double spending\" transaction with the higher fee\n\u003e being blocked by most nodes which follow Bitcoin Core's default\n\u003e policy for conflicting spends replacements (aka \"first seen\"\n\u003e replacement policy).\n\u003e \n\u003e I have started with the 3 concerns that I read more often, but\n\u003e please suggest more concerns for these categories and suggest\n\u003e other categories if you think there's more. \n\u003e _______________________________________________ bitcoin-dev mailing\n\u003e list bitcoin-dev at lists.linuxfoundation.org \n\u003e https://lists.linuxfoundation.org/mailman/listinfo/bitcoin-dev\n\u003e \n-----BEGIN PGP SIGNATURE-----\nVersion: GnuPG v1\n\niQEcBAEBAgAGBQJVyyxLAAoJEGwAhlQc8H1mEmMH/j6ZAcsHIYT7+8EtOP6T8LTB\n0M4njFlkMsT6owruY9sucIP5c+DjNXoTHqFdgdNnWluW2JNQ0L6wnbWSR9NSbo2h\nWlwpMKV0o8XdEQIZV3ZH4kltlIH0napvddsjmvMZDiZU2R/2Lp6KVxK0NEPB4IOC\njZ4UM0v/XuYiu1I+zpnvi9MS3X/MTYzf7a5JZ9D6CiCksc+X18GtFLogKJG5uVRn\nat58cdHQX/TgIhO/RcYV9PStztT93I6uh92RrQyRmXVMn9u2/bZZXTgk9CL9YkO0\ng0Imw7vt0ieZ2E9m0QUlJ8tJQKEESflNI0ccachGPKpOKGTsshqbZ370uDKcDWA=\n=v3a1\n-----END PGP SIGNATURE-----",
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