Author: Pieter Wuille 2015-08-10 23:11:14
Published on: 2015-08-10T23:11:14+00:00
Pieter Wuille and Thomas Zander were discussing the analogy of concerts being far away from public transport in a bitcoin-dev email thread. Zander had suggested that, much like how bus shuttles or taxis are set up to take concert-goers back into town, Bitcoin should increase block size to accommodate more transactions. However, Wuille disagreed with the analogy, stating that while people may end up waiting a long time for transportation after a concert, they still pay the same amount regardless of priority. In contrast, with Bitcoin, users can choose the rate they pay and get higher priority when they pay more. Wuille acknowledged that if everyone wants to pay an exorbitant rate, then it becomes unreliable. But he argued that increasing block size would not solve the problem and suggested that Bitcoin should grow within agreed-upon boundaries set by technology and centralization pressure. Ultimately, he advocated letting the market decide between low volume reliable transactions and high volume unreliable ones.
Updated on: 2023-05-19T21:21:55.320856+00:00