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Date: Wed, 16 Dec 2015 16:36:18 -0500
Message-ID: <CADm_WcZncVOV_F7dGp4Xs15xgKwdixdn8wWHML8whRfR_1uNnw@mail.gmail.com>
From: Jeff Garzik <jgarzik@gmail.com>
To: =?UTF-8?B?Sm9yZ2UgVGltw7Nu?= <jtimon@jtimon.cc>
Content-Type: multipart/alternative; boundary=94eb2c070a1c4f92e705270ab27e
Cc: Bitcoin Dev <bitcoin-dev@lists.linuxfoundation.org>
Subject: Re: [bitcoin-dev] Block size: It's economics & user preparation &
 moral hazard
Precedence: list

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On Wed, Dec 16, 2015 at 4:24 PM, Jorge Tim=C3=B3n <jtimon@jtimon.cc> wrote:

> Assuming we adopt bip102, eventually you will be able to say exactly the
> same about 2 MB. When does this "let's not change the economics" finishes
> (if ever)?
>

The question is answered in the original email.

In the short term, the risk of a Fee Event and lack of solid post-Fee-Event
economic plan implies "short term bump" reduces those risks.

It is also true - as noted in [1], a bump does create the danger of long
term moral hazard.

This is why a bump should be accompanied with at least a weak public
commitment to flexcap or a similar long term proposal, as the original
email recommended.  Communicate clearly the conditions for future change,
then iterate as needs and feedback indicate.


[1] http://gtf.org/garzik/bitcoin/BIP100-blocksizechangeproposal.pdf

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<div dir=3D"ltr">On Wed, Dec 16, 2015 at 4:24 PM, Jorge Tim=C3=B3n <span di=
r=3D"ltr">&lt;<a href=3D"mailto:jtimon@jtimon.cc" target=3D"_blank">jtimon@=
jtimon.cc</a>&gt;</span> wrote:<br><div class=3D"gmail_extra"><div class=3D=
"gmail_quote"><blockquote class=3D"gmail_quote" style=3D"margin:0px 0px 0px=
 0.8ex;border-left-width:1px;border-left-color:rgb(204,204,204);border-left=
-style:solid;padding-left:1ex"><span><p dir=3D"ltr">Assuming we adopt bip10=
2, eventually you will be able to say exactly the same about 2 MB. When doe=
s this &quot;let&#39;s not change the economics&quot; finishes (if ever)?<b=
r></p></span>
</blockquote></div><br></div><div class=3D"gmail_extra">The question is ans=
wered in the original email.</div><div class=3D"gmail_extra"><br></div><div=
 class=3D"gmail_extra">In the short term, the risk of a Fee Event and lack =
of solid post-Fee-Event economic plan implies &quot;short term bump&quot; r=
educes those risks.</div><div class=3D"gmail_extra"><br></div><div class=3D=
"gmail_extra">It is also true - as noted in [1], a bump does create the dan=
ger of long term moral hazard.</div><div class=3D"gmail_extra"><br></div><d=
iv class=3D"gmail_extra">This is why a bump should be accompanied with at l=
east a weak public commitment to flexcap or a similar long term proposal, a=
s the original email recommended.=C2=A0 Communicate clearly the conditions =
for future change, then iterate as needs and feedback indicate.</div><div c=
lass=3D"gmail_extra"><br></div><div class=3D"gmail_extra"><br></div><div cl=
ass=3D"gmail_extra"><br></div><div class=3D"gmail_extra">[1]=C2=A0<a href=
=3D"http://gtf.org/garzik/bitcoin/BIP100-blocksizechangeproposal.pdf">http:=
//gtf.org/garzik/bitcoin/BIP100-blocksizechangeproposal.pdf</a></div><div c=
lass=3D"gmail_extra"><br></div><div class=3D"gmail_extra"><br></div><div cl=
ass=3D"gmail_extra"><br></div><div class=3D"gmail_extra"><br></div></div>

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