📅 Original date posted:2015-06-27
📝 Original message:On Sat, Jun 27, 2015 at 7:54 PM, Peter Todd <pete at petertodd.org> wrote:
> On Sat, Jun 27, 2015 at 07:46:55PM +0200, Benjamin wrote:
> > 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.
>
> There's lots of markets where there is no assured quality of service,
> and where the bids others are making aren't known. Most financial
> markets work that way - there's only ever probabalistic guarantees that
> for a given amount of money you'll be able to buy a certain amount of
> gold at any given time for instance. Similarly for nearly all
> commodities the infrastructure required to mine those commodities has
> very little room for short, medium, or even long-term production
> increases, so whatever the production supply is at a given time is
> pretty much fixed.
>
hmm? if the current ask for 1 ounce of gold is 100$, then you need to bid
100$ to get 1 ounce of gold. If tomorrow everyone agree 1ounce of gold
should be worth 200$, then the bid moves accordingly. of course production
changes based on prices. otherwise the economy would not function. if price
of some stuff goes up, more people produce that stuff. in terms of a price
for a transaction and the use of a blockchain, unfortunately there is not a
way to just add computational supply. that's an inherent weakness of how
blockchains are structured. ideally it would be as simple as demanding more
resources as in scaling a webservices with AWS.
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Benjamin [ARCHIVE] /
npub17k…sr5tq
2023-06-07 15:40:50
in reply to nevent1q…p64d
Author Public Key
npub17kz55p7ysz4ftvq2xyr2zamc776cygwcm5fdz8ndj3jm5umm65xq4sr5tqPublished at
2023-06-07 15:40:50Event JSON
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"content": "📅 Original date posted:2015-06-27\n📝 Original message:On Sat, Jun 27, 2015 at 7:54 PM, Peter Todd \u003cpete at petertodd.org\u003e wrote:\n\n\u003e On Sat, Jun 27, 2015 at 07:46:55PM +0200, Benjamin wrote:\n\u003e \u003e There is no ensured Quality of service, is there? If you \"bid\" higher,\n\u003e then\n\u003e \u003e you don't know what you are going to get. Also because you have no way of\n\u003e \u003e knowing what *others* are bidding. Only if you have auctions (increasing\n\u003e \u003e increments) you can establish a feedback loop to settle demand and\n\u003e supply.\n\u003e \u003e And the supply side doesn't adapt. Adapting supply would help resolve\n\u003e parts\n\u003e \u003e of the capacity problem.\n\u003e\n\u003e There's lots of markets where there is no assured quality of service,\n\u003e and where the bids others are making aren't known. Most financial\n\u003e markets work that way - there's only ever probabalistic guarantees that\n\u003e for a given amount of money you'll be able to buy a certain amount of\n\u003e gold at any given time for instance. Similarly for nearly all\n\u003e commodities the infrastructure required to mine those commodities has\n\u003e very little room for short, medium, or even long-term production\n\u003e increases, so whatever the production supply is at a given time is\n\u003e pretty much fixed.\n\u003e\n\n\nhmm? if the current ask for 1 ounce of gold is 100$, then you need to bid\n100$ to get 1 ounce of gold. If tomorrow everyone agree 1ounce of gold\nshould be worth 200$, then the bid moves accordingly. of course production\nchanges based on prices. otherwise the economy would not function. if price\nof some stuff goes up, more people produce that stuff. in terms of a price\nfor a transaction and the use of a blockchain, unfortunately there is not a\nway to just add computational supply. that's an inherent weakness of how\nblockchains are structured. ideally it would be as simple as demanding more\nresources as in scaling a webservices with AWS.\n-------------- next part --------------\nAn HTML attachment was scrubbed...\nURL: \u003chttp://lists.linuxfoundation.org/pipermail/bitcoin-dev/attachments/20150627/ef46ab91/attachment.html\u003e",
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