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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] Block size: It's economics & user preparation & moral hazard
Date: Fri, 18 Dec 2015 00:11:48 -0500	[thread overview]
Message-ID: <CADm_WcbrMyk-=OnQ-3UvnF_8brhn+X2NqRPbo5xUXsbcZpc0=Q@mail.gmail.com> (raw)
In-Reply-To: <CAPg+sBi=Mw7UnxG1-0-0ZTRqxrS5+28VmowyYrGP2MAvYiu_pA@mail.gmail.com>

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On Wed, Dec 16, 2015 at 1:34 PM, Pieter Wuille <pieter.wuille@gmail.com>
wrote:

> On Wed, Dec 16, 2015 at 3:53 PM, Jeff Garzik via bitcoin-dev
> <bitcoin-dev@lists.linuxfoundation.org> wrote:
> > 2) If block size stays at 1M, the Bitcoin Core developer team should
> sign a
> > collective note stating their desire to transition to a new economic
> policy,
> > that of "healthy fee market" and strongly urge users to examine their fee
> > policies, wallet software, transaction volumes and other possible User
> > impacting outcomes.
>
> You present this as if the Bitcoin Core development team is in charge
> of deciding the network consensus rules, and is responsible for making
> changes to it in order to satisfy economic demand. If that is the
> case, Bitcoin has failed, in my opinion.
>

Diverging from the satoshi block size change plan[1] and current economics
would seem to require a high level of months-ahead communication to users.




> all. Yes, old full nodes after a soft fork are not able to fully
> validate the rules new miners enforce anymore, but they do still
> verify the rules that their operators opted to enforce. Furthermore,
> they can't be prevented. For that reason, I've proposed, and am
> working hard, on an approach that includes Segregated Witness as a
> first step. It shows the ecosystem that something is being done, it
> kicks the can down the road, it solves/issues half a dozen other
> issues at the same time, and it does not require the degree of
> certainty needed for a hardfork.
>

Segregated Witness does not kick the can, it solves none of the problems
#1, #3 - #8 explicitly defined and listed in email #1.

1)  A plan of "SW + no hard fork" is gambling with ECE risk, gambling there
will be no Fee Event, because the core block size is still heavily
contended -- 100% contended at time out SW rollout.

2) We are only 100% certain that bitcoin works in the
blocks-not-full-on-avg state, where there is a healthy buffer between the
hard limit and the average block size.

There is remains major ECE risk due to the core block size freeze, possibly
pushing the system into a new, untried economic state and causing major
market and actor disruption.  Users of the Service can still drift randomly
and unpredictably into a Fee Event.

SW mitigates this
- only after several months
- only assuming robust adoption rates by up-layer ecosystem software, and
- only assuming transaction volume growth is flat or sub-linear

Those conditions *must* go as planned to fulfill "SW kicked the can" -- a
lot of if's.

As stated, SW is orthogonal to the drift-into-uncharted-waters problem
outlined in email #1, which a short term bump does address.

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  parent reply	other threads:[~2015-12-18  5:11 UTC|newest]

Thread overview: 31+ messages / expand[flat|nested]  mbox.gz  Atom feed  top
2015-12-16 14:53 [bitcoin-dev] Block size: It's economics & user preparation & moral hazard Jeff Garzik
2015-12-16 18:34 ` Pieter Wuille
2015-12-16 21:08   ` Jeff Garzik
2015-12-16 21:11     ` Pieter Wuille
2015-12-17  2:06       ` Jameson Lopp
2015-12-17 16:58       ` Tier Nolan
2015-12-17 19:44         ` Peter Todd
2015-12-18  5:23           ` Jorge Timón
2015-12-18  9:44           ` Tier Nolan
2015-12-16 21:24     ` Jorge Timón
2015-12-16 21:36       ` Jeff Garzik
2015-12-18  5:11   ` Jeff Garzik [this message]
2015-12-18  7:56     ` Pieter Wuille
2015-12-18 10:13       ` sickpig
2015-12-18 15:48         ` Pieter Wuille
2015-12-19 19:04           ` Dave Scotese
     [not found]           ` <751DFAA9-9013-4C54-BC1E-5F7ECB7469CC@gmail.com>
2015-12-26 16:44             ` Pieter Wuille
2015-12-26 17:20               ` Jorge Timón
2015-12-26 22:55               ` Jonathan Toomim
2015-12-26 23:01                 ` Pieter Wuille
2015-12-26 23:07                   ` Jonathan Toomim
2015-12-26 23:16                     ` Pieter Wuille
2015-12-27  0:03                       ` Jonathan Toomim
2015-12-26 23:15                   ` Justus Ranvier
2015-12-27  0:13                     ` Bryan Bishop
2015-12-27  0:33                       ` Justus Ranvier
2015-12-18 13:56       ` Jeff Garzik
2015-12-23  6:26   ` Aaron Voisine
2015-12-16 18:36 ` jl2012
2015-12-16 22:27   ` Jeff Garzik
2015-12-17  6:12     ` Dave Scotese

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