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From: Jeff Garzik <jgarzik@gmail.com>
To: Pieter Wuille <pieter.wuille@gmail.com>
Cc: Bitcoin development mailing list <bitcoin-dev@lists.linuxfoundation.org>
Subject: Re: [bitcoin-dev] Segregated Witness in the context of Scaling Bitcoin
Date: Wed, 16 Dec 2015 16:27:15 -0500	[thread overview]
Message-ID: <CADm_WcYZq3nzfYMXfzkZsTCsgmzy4L_nYpa5Kax8uF_ajuUTiQ@mail.gmail.com> (raw)
In-Reply-To: <CAPg+sBhUso0ddfYQMgwF7yX9_VoqP9CZN5h45t3eQi4v3m6f6A@mail.gmail.com>

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On Wed, Dec 16, 2015 at 3:59 PM, Pieter Wuille <pieter.wuille@gmail.com>
wrote:

> On Wed, Dec 16, 2015 at 9:38 PM, Jeff Garzik via bitcoin-dev
> <bitcoin-dev@lists.linuxfoundation.org> wrote:
> > 4.3.  Observations on new block economic model
> >
> > SW complicates block economics by creating two separate, supply limited
> > resources.
>
> Not correct. I propose defining the virtual_block_size as base_size +
> witness_size * 0.25, and limiting virtual_block_size to 1M. This
> creates a single variable to optimize for. If accepted, miners are
> incentived to maximize fee per virtual_block_size instead of per size.
>

It is correct.  There are two separate sets of economic actors and levels
of contention for each set of space.

That is true regardless of the proposed miner selection algorithm.



> > 5.4.  Problem:   More complex economic policy, new game theory, new
> bidding
> > structure risks.
> >
> > Splitting blocks into two pieces, each with separate and distinct
> behaviors
> > and resource values, creates two fee markets.
>
> I believe you have misunderstood the proposal in that case.
>

See above.  There are two separate and distinct resource velocities and
demand levels in reality.  That creates two markets regardless of miner
selection algorithm in the block maker.

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  reply	other threads:[~2015-12-16 21:27 UTC|newest]

Thread overview: 32+ messages / expand[flat|nested]  mbox.gz  Atom feed  top
2015-12-16 20:38 [bitcoin-dev] Segregated Witness in the context of Scaling Bitcoin Jeff Garzik
2015-12-16 20:50 ` Matt Corallo
2015-12-16 21:51   ` Jameson Lopp
2015-12-16 22:29     ` Matt Corallo
2015-12-16 22:32     ` Matt Corallo
2015-12-17  2:21   ` Jeff Garzik
2015-12-17  2:44     ` Eric Lombrozo
2015-12-17  2:58       ` Jeff Garzik
2015-12-17  3:48         ` Adam Back
2015-12-17  5:32   ` jl2012
2015-12-17  7:54     ` Corey Haddad
2015-12-17 13:09       ` Jorge Timón
2015-12-17 15:51         ` sickpig
2015-12-17 17:55           ` Anthony Towns
2015-12-18 10:01             ` sickpig
2015-12-19  7:50               ` Mark Friedenbach
2015-12-19 23:03                 ` Dave Scotese
2015-12-17  9:33     ` Mark Friedenbach
2015-12-17 10:00       ` jl2012
2015-12-17 10:57     ` Anthony Towns
2015-12-17  6:14   ` Marcel Jamin
2015-12-16 20:59 ` Pieter Wuille
2015-12-16 21:27   ` Jeff Garzik [this message]
2015-12-16 21:36     ` Pieter Wuille
2015-12-16 22:09       ` Jeff Garzik
2015-12-16 22:10         ` Jeff Garzik
2015-12-17 18:27         ` Jeff Garzik
2015-12-17 18:46           ` jl2012
2015-12-17 18:52             ` Jeff Garzik
2015-12-17 21:18               ` Eric Lombrozo
2015-12-17 21:31               ` Adam Back
2015-12-17  3:52       ` Anthony Towns

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