Re: [bitcoin-dev] A Proposed Compromise to the Block Size Limit

[Venzen Khaosan <venzen@mail.bihthai.net>]

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Very interesting point and comparison. So the fee market is unknown,
similar to a market maker's orderbook - except in the case of Bitcoin
it is not being deliberately hidden from users, its just not knowable
how miners are positioning at any given moment.


On 06/28/2015 12:54 AM, Peter Todd 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.
> 
> 
> 
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