Author: Jeff Garzik 2015-06-26 18:05:30
Published on: 2015-06-26T18:05:30+00:00
In a conversation about the future of Bitcoin's block size limit, Pieter Wuille and Milly Bitcoin discuss the need for a clear path to get changes accomplished. Pieter argues that proposing inaction is not an effective way to convince people that Bitcoin can scale. Milly responds by saying that people and businesses want assurance that there is a path to get things done when needed rather than immediate changes. Pieter points out that this argument proves his point, as he believes that waiting until blocks are full before taking action produces more disruption and market-unpredictable behavior than today. He argues that inaction produces fee pressure, which in turn produces volatility and makes it more difficult for system users to perform capacity planning. Pieter acknowledges that increasing the block size limit retards/prevents a fee market from developing, but he sees this as a major change to economic policy that creates a more unpredictable system.
Updated on: 2023-06-10T01:05:21.846076+00:00