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Date: Wed, 22 Jul 2015 11:01:53 -0700
Message-ID: <CADm_WcbnszcVP=50NDGhw4q2ULRHQF7hX4Hb8P8ptzDcS4oG1A@mail.gmail.com>
From: Jeff Garzik <jgarzik@gmail.com>
To: Pieter Wuille <pieter.wuille@gmail.com>
Content-Type: multipart/alternative; boundary=001a113ed7ead0c00f051b7a9010
Cc: bitcoin-dev@lists.linuxfoundation.org
Subject: Re: [bitcoin-dev] Bitcoin Core and hard forks
Precedence: list

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Addendum:

Please do not interpret - as many have - my points as advocating against
letting a fee market ever develop(!).

Fees are useful against DoS, increasing cost of attack etc.  Further,
continuing the artificially-low fee policy ad infinitum is unsustainable
and constitutes a moral hazard.

Examine from the user's point of view.  If you want to develop a fee
market, think it through in the context of user expectation/experience -
which translates to how software is written and users behave, the context
of market disruption, and the context of further block size increases.

Transition to a new economic policy should be planned.  It should give
users and markets time to adjust.

It is grossly irresponsible to simply drop users into a new economic policy
with no warning and no preparation.

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<div dir=3D"ltr">Addendum:<div><br></div><div>Please do not interpret - as =
many have - my points as advocating against letting a fee market ever devel=
op(!).</div><div><br></div><div>Fees are useful against DoS, increasing cos=
t of attack etc.=C2=A0 Further, continuing the artificially-low fee policy =
ad infinitum is unsustainable and constitutes a moral hazard.</div><div><br=
></div><div>Examine from the user&#39;s point of view.=C2=A0 If you want to=
 develop a fee market, think it through in the context of user expectation/=
experience - which translates to how software is written and users behave, =
the context of market disruption, and the context of further block size inc=
reases.</div><div><br></div><div>Transition to a new economic policy should=
 be planned.=C2=A0 It should give users and markets time to adjust.</div><d=
iv><br></div><div>It is grossly irresponsible to simply drop users into a n=
ew economic policy with no warning and no preparation.</div><div><br></div>=
<div><br></div></div>

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