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From: Eric Lombrozo <elombrozo@gmail.com>
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Date: Thu, 23 Jul 2015 12:14:50 -0700
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To: Jameson Lopp <jameson.lopp@gmail.com>
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Cc: bitcoin-dev@lists.linuxfoundation.org
Subject: Re: [bitcoin-dev] Bitcoin Core and hard forks
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> On Jul 23, 2015, at 11:10 AM, Jameson Lopp <jameson.lopp@gmail.com> =
wrote:
>=20
> Larger block sizes don't scale the network, they merely increase how =
much load we allow the network to bear.
Very well put, Jameson. And the cost of bearing this load must be paid =
for. And unless we=E2=80=99re willing to accept that computational =
resources are finite and subject to the same economic issues as any =
other finite resource, our incentive model collapses the security of the =
network will be significantly at risk. Whatever your usability concerns =
may be regarding fees, when the security model=E2=80=99s busted =
usability issues are moot.
Larger blocks support more transactions=E2=80=A6but they also incur =
=CE=A9(n) overhead in bandwidth, CPU, and space. These are finite =
resources that must be paid for somehow=E2=80=A6and as we all already =
know miners are willing to cut corners on all this and push the costs =
onto others (not to mention wallets and online block explorers). And who =
can really blame them? It=E2=80=99s rational behavior given the skewed =
incentives.
> On the flip side, the scalability proposals will still require larger =
blocks if we are ever to support anything close to resembling =
"mainstream" usage. This is not an either/or proposition - we clearly =
need both.
Mainstream usage of cryptocurrency will be enabled primarily by direct =
party-to-party contract negotiation=E2=80=A6with the use of the =
blockchain primarily as a dispute resolution mechanism. The block size =
isn=E2=80=99t about scaling but about supply and demand of finite =
resources. As demand for block space increases, we can address it either =
by increasing computational resources (block size) or by increasing =
fees. But to do the former we need a way to offset the increase in cost =
by making sure that those who contribute said resources have incentive =
to do so.
--Apple-Mail=_E62BCCCD-DB48-4CA8-BF70-E60D4BF301A3
Content-Transfer-Encoding: quoted-printable
Content-Type: text/html;
charset=utf-8
<html><head><meta http-equiv=3D"Content-Type" content=3D"text/html =
charset=3Dutf-8"></head><body style=3D"word-wrap: break-word; =
-webkit-nbsp-mode: space; -webkit-line-break: after-white-space;" =
class=3D""><br class=3D""><div><blockquote type=3D"cite" class=3D""><div =
class=3D"">On Jul 23, 2015, at 11:10 AM, Jameson Lopp <<a =
href=3D"mailto:jameson.lopp@gmail.com" =
class=3D"">jameson.lopp@gmail.com</a>> wrote:</div><br =
class=3D"Apple-interchange-newline"><div class=3D""><span =
style=3D"font-family: Helvetica; font-size: 12px; font-style: normal; =
font-variant: normal; font-weight: normal; letter-spacing: normal; =
line-height: normal; orphans: auto; text-align: start; text-indent: 0px; =
text-transform: none; white-space: normal; widows: auto; word-spacing: =
0px; -webkit-text-stroke-width: 0px; float: none; display: inline =
!important;" class=3D"">Larger block sizes don't scale the network, they =
merely increase how much load we allow the network to =
bear.</span></div></blockquote><div><br class=3D""></div><div>Very well =
put, Jameson. And the cost of bearing this load must be paid for. And =
unless we=E2=80=99re willing to accept that computational resources are =
finite and subject to the same economic issues as any other finite =
resource, our incentive model collapses the security of the network will =
be significantly at risk. Whatever your usability concerns may be =
regarding fees, when the security model=E2=80=99s busted usability =
issues are moot.</div><div><br class=3D""></div><div>Larger blocks =
support more transactions=E2=80=A6but they also incur <span =
class=3D"">=CE=A9(n) overhead in bandwidth, CPU, and space. These are =
finite resources that must be paid for somehow=E2=80=A6and as we all =
already know miners are willing to cut corners on all this and push the =
costs onto others (not to mention wallets and online block explorers). =
And who can really blame them? It=E2=80=99s rational behavior given the =
skewed incentives.</span></div><span class=3D""><br =
class=3D""></span><blockquote type=3D"cite" class=3D""><div =
class=3D""><span style=3D"font-family: Helvetica; font-size: 12px; =
font-style: normal; font-variant: normal; font-weight: normal; =
letter-spacing: normal; line-height: normal; orphans: auto; text-align: =
start; text-indent: 0px; text-transform: none; white-space: normal; =
widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: =
none; display: inline !important;" class=3D"">On the flip side, the =
scalability proposals will still require larger blocks if we are ever to =
support anything close to resembling "mainstream" usage. This is not an =
either/or proposition - we clearly need =
both.</span></div></blockquote></div><br class=3D""><div =
class=3D"">Mainstream usage of cryptocurrency will be enabled primarily =
by direct party-to-party contract negotiation=E2=80=A6with the use of =
the blockchain primarily as a dispute resolution mechanism. The block =
size isn=E2=80=99t about scaling but about supply and demand of finite =
resources. As demand for block space increases, we can address it either =
by increasing computational resources (block size) or by increasing =
fees. But to do the former we need a way to offset the increase in cost =
by making sure that those who contribute said resources have incentive =
to do so.</div></body></html>=
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