Venzen Khaosan [ARCHIVE] on Nostr: š Original date posted:2015-06-27 š Original message:-----BEGIN PGP SIGNED ...
š
Original date posted:2015-06-27
š Original message:-----BEGIN PGP SIGNED MESSAGE-----
Hash: SHA1
Very interesting point and comparison. So the fee market is unknown,
similar to a market maker's orderbook - except in the case of Bitcoin
it is not being deliberately hidden from users, its just not knowable
how miners are positioning at any given moment.
On 06/28/2015 12:54 AM, Peter Todd wrote:
> On Sat, Jun 27, 2015 at 07:46:55PM +0200, Benjamin wrote:
>> There is no ensured Quality of service, is there? If you "bid"
>> higher, then you don't know what you are going to get. Also
>> because you have no way of knowing what *others* are bidding.
>> Only if you have auctions (increasing increments) you can
>> establish a feedback loop to settle demand and supply. And the
>> supply side doesn't adapt. Adapting supply would help resolve
>> parts of the capacity problem.
>
> There's lots of markets where there is no assured quality of
> service, and where the bids others are making aren't known. Most
> financial markets work that way - there's only ever probabalistic
> guarantees that for a given amount of money you'll be able to buy a
> certain amount of gold at any given time for instance. Similarly
> for nearly all commodities the infrastructure required to mine
> those commodities has very little room for short, medium, or even
> long-term production increases, so whatever the production supply
> is at a given time is pretty much fixed.
>
>
>
> _______________________________________________ bitcoin-dev mailing
> list bitcoin-dev at lists.linuxfoundation.org
> https://lists.linuxfoundation.org/mailman/listinfo/bitcoin-dev
>
-----BEGIN PGP SIGNATURE-----
Version: GnuPG v1
iQEcBAEBAgAGBQJVjuRiAAoJEGwAhlQc8H1mjnwIAIiUSPf6agfMXsFgupoihsTV
Pr1mJWHdLjrF5QadmdyooivYGPkY+zmfJ+N3fkr8l++PDGh03u0RgALf/gwJSSAQ
qSeMmjSZb8ZEkyLlZAGVHT8Ph+lRda65CVxYspKu/54TolqEezOHVaon9uWYVjtB
cSd8fWoqJMq05Pz25QPagxFUpXmtFX1KvxUWqeGkRsuqMgeWbCurQKpOhRXu48nH
Si73iOIyDUT9i1WsPvlpOi0pSxDlGnkMQKaEyIN5JJfKo1imRAtKVRLZh43rXpSW
jeZf8LMRwd49K4vnvHXZ0UbKWhpelh6XJari22citZ7yb5w5iENAcoP/cSGhLaY=
=nfF5
-----END PGP SIGNATURE-----
š Original message:-----BEGIN PGP SIGNED MESSAGE-----
Hash: SHA1
Very interesting point and comparison. So the fee market is unknown,
similar to a market maker's orderbook - except in the case of Bitcoin
it is not being deliberately hidden from users, its just not knowable
how miners are positioning at any given moment.
On 06/28/2015 12:54 AM, Peter Todd wrote:
> On Sat, Jun 27, 2015 at 07:46:55PM +0200, Benjamin wrote:
>> There is no ensured Quality of service, is there? If you "bid"
>> higher, then you don't know what you are going to get. Also
>> because you have no way of knowing what *others* are bidding.
>> Only if you have auctions (increasing increments) you can
>> establish a feedback loop to settle demand and supply. And the
>> supply side doesn't adapt. Adapting supply would help resolve
>> parts of the capacity problem.
>
> There's lots of markets where there is no assured quality of
> service, and where the bids others are making aren't known. Most
> financial markets work that way - there's only ever probabalistic
> guarantees that for a given amount of money you'll be able to buy a
> certain amount of gold at any given time for instance. Similarly
> for nearly all commodities the infrastructure required to mine
> those commodities has very little room for short, medium, or even
> long-term production increases, so whatever the production supply
> is at a given time is pretty much fixed.
>
>
>
> _______________________________________________ bitcoin-dev mailing
> list bitcoin-dev at lists.linuxfoundation.org
> https://lists.linuxfoundation.org/mailman/listinfo/bitcoin-dev
>
-----BEGIN PGP SIGNATURE-----
Version: GnuPG v1
iQEcBAEBAgAGBQJVjuRiAAoJEGwAhlQc8H1mjnwIAIiUSPf6agfMXsFgupoihsTV
Pr1mJWHdLjrF5QadmdyooivYGPkY+zmfJ+N3fkr8l++PDGh03u0RgALf/gwJSSAQ
qSeMmjSZb8ZEkyLlZAGVHT8Ph+lRda65CVxYspKu/54TolqEezOHVaon9uWYVjtB
cSd8fWoqJMq05Pz25QPagxFUpXmtFX1KvxUWqeGkRsuqMgeWbCurQKpOhRXu48nH
Si73iOIyDUT9i1WsPvlpOi0pSxDlGnkMQKaEyIN5JJfKo1imRAtKVRLZh43rXpSW
jeZf8LMRwd49K4vnvHXZ0UbKWhpelh6XJari22citZ7yb5w5iENAcoP/cSGhLaY=
=nfF5
-----END PGP SIGNATURE-----