Author: Venzen Khaosan 2015-06-27 17:58:59
Published on: 2015-06-27T17:58:59+00:00
The discussion on the Bitcoin development mailing list is about the fee market and how it compares to other markets. While there is no assured quality of service in the Bitcoin fee market, this is not uncommon in other financial markets where bids from others are also unknown. The comparison is made to a market maker's order book, except that in the case of Bitcoin, it is not known how miners are positioning themselves at any given moment. While users cannot know what they will get for a higher bid, they can establish a feedback loop through auctions with increasing increments to settle demand and supply. However, adapting supply remains a challenge to resolving capacity problems.
Updated on: 2023-06-10T01:22:45.903502+00:00