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Date: Tue, 11 Aug 2015 14:37:01 -0500
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From: Michael Naber <mickeybob@gmail.com>
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Subject: Re: [bitcoin-dev] Fees and the block-finding process
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Jorge, As long as Bitcoin remains the best global consensus network -- and
part of being best means being reasonably priced -- then no I don't think
people will be pushed into altcoins. Better money ultimately displaces
worse money, so I don't see a driving force for people to move to other
altcoins as long as Bitcoin remains competitive.
Hitting the limit in and of itself is not necessarily a bad thing. The
question at hand is whether we should constrain that limit below what
technology is capable of delivering. I'm arguing that not only we should
not, but that we could not even if we wanted to, since competition will
deliver capacity for global consensus whether it's in Bitcoin or in some
other product / fork.
On Tue, Aug 11, 2015 at 2:27 PM, Jorge Tim=C3=B3n <jtimon@jtimon.cc> wrote:
>
> On Aug 11, 2015 8:46 PM, "Michael Naber" <mickeybob@gmail.com> wrote:
> >
> > Hi Jorge: Many people would like to participate in a global consensus
> network -- which is a network where all the participating nodes are aware
> of and agree upon every transaction. Constraining Bitcoin capacity below
> the limits of technology will only push users seeking to participate in a
> global consensus network to other solutions which have adequate capacity,
> such as BitcoinXT or others. Note that lightning / hub and spoke do not
> meet requirements for users wishing to participate in global consensus,
> because they are not global consensus networks, since all participating
> nodes are not aware of all transactions.
>
> Even if you are right, first fees will raise and that will be what pushes
> people to other altcoins, no?
> Can we agree that the first step in any potentially bad situation is
> hitting the limit and then fees rising as a consequence?
>
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Content-Type: text/html; charset=UTF-8
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<div dir=3D"ltr">Jorge, As long as Bitcoin remains the best global consensu=
s network -- and part of being best means being reasonably priced -- then n=
o I don't think people will be pushed into altcoins. Better money ultim=
ately displaces worse money, so I don't see a driving force for people =
to move to other altcoins as long as Bitcoin remains competitive.<br><div><=
br></div><div>Hitting the limit in and of itself is not necessarily a bad t=
hing. The question at hand is whether we should constrain that limit below =
what technology is capable of delivering. I'm arguing that not only we =
should not, but that we could not even if we wanted to, since competition w=
ill deliver capacity for global consensus whether it's in Bitcoin or in=
some other product / fork.</div><div><br></div></div><div class=3D"gmail_e=
xtra"><br><div class=3D"gmail_quote">On Tue, Aug 11, 2015 at 2:27 PM, Jorge=
Tim=C3=B3n <span dir=3D"ltr"><<a href=3D"mailto:jtimon@jtimon.cc" targe=
t=3D"_blank">jtimon@jtimon.cc</a>></span> wrote:<br><blockquote class=3D=
"gmail_quote" style=3D"margin:0 0 0 .8ex;border-left:1px #ccc solid;padding=
-left:1ex"><span class=3D""><p dir=3D"ltr"><br>
On Aug 11, 2015 8:46 PM, "Michael Naber" <<a href=3D"mailto:mi=
ckeybob@gmail.com" target=3D"_blank">mickeybob@gmail.com</a>> wrote:<br>
><br>
> Hi Jorge: Many people would like to participate in a global consensus =
network -- which is a network where all the participating nodes are aware o=
f and agree upon every transaction.=C2=A0Constraining Bitcoin capacity belo=
w the limits of technology will only push users seeking to participate in a=
global consensus network to other solutions which have adequate capacity, =
such as BitcoinXT or others. Note that lightning / hub and spoke do not mee=
t requirements for users wishing to participate in global consensus, becaus=
e they are not global consensus networks, since all participating nodes are=
not aware of all transactions.=C2=A0</p>
</span><p dir=3D"ltr">Even if you are right, first fees will raise and that=
will be what pushes people to other altcoins, no?<br>
Can we agree that the first step in any potentially bad situation is hittin=
g the limit and then fees rising as a consequence?<br>
</p>
</blockquote></div><br></div>
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