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	<9a02d94fbc78afaa3e9668e0294eef64@xbt.hk>
Date: Wed, 16 Dec 2015 17:27:40 -0500
Message-ID: <CADm_Wca9zTdTc2gvTxrWkFjfA49KhbU_=uNXh_mZ+QYXGZ6wWg@mail.gmail.com>
From: Jeff Garzik <jgarzik@gmail.com>
To: jl2012 <jl2012@xbt.hk>
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Cc: Bitcoin development mailing list <bitcoin-dev@lists.linuxfoundation.org>
Subject: Re: [bitcoin-dev] Block size: It's economics & user preparation &
 moral hazard
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On Wed, Dec 16, 2015 at 1:36 PM, jl2012 <jl2012@xbt.hk> wrote:

> 4. In the miners round table on the second day, one of the devs mentioned
> that he didn't want to be seen as the decision maker of Bitcoin. On the
> other hand, Chinese miners repeatedly mentioned that they want several
> concrete proposals from devs which they could choose. I see no
> contradiction between these 2 viewpoints.
>

This was a very interesting dynamic, and seems fair (menu).


> 6. I believe we should avoid a radical "Economic Change Event" at least in
> the next halving cycle, as Bitcoin was designed to bootstrap the adoption
> by high mining reward in the beginning. For this reason, I support an early
> and conservative increase, such as BIP102 or 2-4-8. 2MB is accepted by most
> people and it's better than nothing for BIP101 proponents. By "early" I
> mean to be effective by May, at least 2 months before the halving.
>

That was precisely my logic for picking May 5 as the hard fork date.  Some
buffer before halving, enough for caution and iteration in the meantime.


>
> (c) My most optimistic guess is SW will be ready in 6 months, which will
> be very close to halving and potential tx volume burst. And it may not be
> done in 2016, as it does not only involve consensus code, but also change
> in the p2p protocol and wallet design
>

Not just wallet design -- you have to game through the standard steps of:
 update dev lib (bitcoin-core.js/bitcoinj) + release cycle, update app +
release cycle, for most actors in the ecosystem, on top of the Bitcoin Core
roll out.

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<div dir=3D"ltr">On Wed, Dec 16, 2015 at 1:36 PM, jl2012 <span dir=3D"ltr">=
&lt;<a href=3D"mailto:jl2012@xbt.hk" target=3D"_blank">jl2012@xbt.hk</a>&gt=
;</span> wrote:<br><div class=3D"gmail_extra"><div class=3D"gmail_quote"><b=
lockquote class=3D"gmail_quote" style=3D"margin:0 0 0 .8ex;border-left:1px =
#ccc solid;padding-left:1ex">4. In the miners round table on the second day=
, one of the devs mentioned that he didn&#39;t want to be seen as the decis=
ion maker of Bitcoin. On the other hand, Chinese miners repeatedly mentione=
d that they want several concrete proposals from devs which they could choo=
se. I see no contradiction between these 2 viewpoints.<br></blockquote><div=
><br></div><div>This was a very interesting dynamic, and seems fair (menu).=
</div><div><br></div><div>=C2=A0</div><blockquote class=3D"gmail_quote" sty=
le=3D"margin:0 0 0 .8ex;border-left:1px #ccc solid;padding-left:1ex">6. I b=
elieve we should avoid a radical &quot;Economic Change Event&quot; at least=
 in the next halving cycle, as Bitcoin was designed to bootstrap the adopti=
on by high mining reward in the beginning. For this reason, I support an ea=
rly and conservative increase, such as BIP102 or 2-4-8. 2MB is accepted by =
most people and it&#39;s better than nothing for BIP101 proponents. By &quo=
t;early&quot; I mean to be effective by May, at least 2 months before the h=
alving.<br></blockquote><div><br></div><div>That was precisely my logic for=
 picking May 5 as the hard fork date.=C2=A0 Some buffer before halving, eno=
ugh for caution and iteration in the meantime.</div><div><br></div><div><br=
></div><div><br></div><div><br></div><div>=C2=A0</div><blockquote class=3D"=
gmail_quote" style=3D"margin:0 0 0 .8ex;border-left:1px #ccc solid;padding-=
left:1ex">
<br>(c) My most optimistic guess is SW will be ready in 6 months, which wil=
l be very close to halving and potential tx volume burst. And it may not be=
 done in 2016, as it does not only involve consensus code, but also change =
in the p2p protocol and wallet design<br></blockquote><div><br></div><div>N=
ot just wallet design -- you have to game through the standard steps of: =
=C2=A0update dev lib (bitcoin-core.js/bitcoinj) + release cycle, update app=
 + release cycle, for most actors in the ecosystem, on top of the Bitcoin C=
ore roll out.</div><div><br></div><div><br></div><div><br></div></div></div=
></div>

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