Author: Peter Todd 2015-05-07 14:32:34
Published on: 2015-05-07T14:32:34+00:00
In an email discussion, Jeff Garzik expressed his opinion on removing the 1MB limit from cryptocurrency transactions. According to him, the limit is an ancient anti-spam feature, which needs to go. However, he also stated that the limit is economically entrenched and cannot be removed at a whim. He further added that changing this limit would be a major change in the economics of a $3.2B system, which picks winners and losers and has attendant moral hazard. He also mentioned that due diligence should be carried out before making any major economic changes to the system. Garzik believes that the core dev team should not be an FOMC and that people should stop privately lobbying Gavin for this. Instead, there should be a more public debate with endorsements or condemnations from major miners, merchants, payment processors, stakeholders, etc. However, Garzik also raises concerns about how small merchants, small-time traders, small-time miners, and people in repressive countries who are trying to transact on their terms can have a voice in this discussion. He also questions whether people involved in 3rd world remittances should be included, even if what they're doing is technically illegal. Additionally, he wonders whether dark markets should be considered and if DPR's opinion should be ignored. Finally, Garzik expresses skepticism about making ecosystem-wide decisions like this without cryptographic consensus since fuzzy human social consensus is easy to manipulate.
Updated on: 2023-06-09T19:36:03.871355+00:00