Author: Jeff Garzik 2015-06-14 15:07:06
Published on: 2015-06-14T15:07:06+00:00
The block size limit is a crucial aspect to the Bitcoin community as it defines the scope of a resource in which all fee market actors bid and that, in turn, defines who is in the fee market and how they behave. The decision of what this size limit should be is an economic policy lever that needs to be transitioned from software developers to the free market. It does not matter how or why the limit was originally enacted or what Satoshi meant to do. What matters economically is what the software and our $3B economy & market knows and sees today. The solution lies in transitioning this size limit to the free market so that users can decide their desired level of growth, decentralization, etc. A "floating limit with training wheels" is believed to be better and stronger for bitcoin's health from a governance, user choice and free market perspective than simply "hard fork to 2MB, come back again in 6 months." The block size limit is a direct result of changing unintentionally-added speedbumps that causes different users to value adoption, decentralization etc. differently.
Updated on: 2023-06-09T22:57:24.067613+00:00