Author: Alex Morcos 2015-07-22 18:03:55
Published on: 2015-07-22T18:03:55+00:00
In this discussion on the bitcoin-dev mailing list, Jeff Garzik disagrees with Pieter Wuille's statement that a fee market is not a change in policy for Bitcoin Core. Garzik argues that while there may not have been fee pressure over the past six years, there was an expectation that it would happen, as evidenced by the work put into fee estimation. He also takes issue with Wuille's implication that developers have no authority to set rules for the Bitcoin economy. Garzik believes that stonewalling size increases and failing to participate in planning for them will lead to a new economic policy for Bitcoin where fees are consistently present, which is radically different from what users, markets, and software have experienced before. He argues that this will force users and the market through a period of chaos and disruption twice - once when the fee market develops, and again when the block size limit eventually increases. Garzik concludes by urging the community to think about the users and to prepare them for a brand new economic policy that will be foisted upon them.
Updated on: 2023-06-10T03:18:11.034770+00:00