Adam Back [ARCHIVE] on Nostr: 📅 Original date posted:2015-06-27 📝 Original message:Michael Naber wrote: > ...
📅 Original date posted:2015-06-27
📝 Original message:Michael Naber wrote:
> Bitcoin Core must remain the lowest-fee, highest-capacity, most secure, distributed, fastest, overall best solution possible to the global consensus problem.
Everyone here is excited about the potential of Bitcoin and would
aspirationally like it to reach its full potential as fast as
possible. But the block-size is not a free variable, half those
parameters you listed are in conflict with each other. We're trying
to improve both decentralisation and throughput short-term while
people work on algorithmic improvements mid-term. If you are
interested you can take a look through the proposals:
http://lists.linuxfoundation.org/pipermail/bitcoin-dev/2015-June/008603.html
Note that probably 99% of Bitcoin transactions already happen
off-chain in exchanges, tipping services, hosted wallets etc. Maybe
you're already using them, assuming you are a bitcoin user.
They constitute an early stage layer 2, some of them even have on
chain netting and scale faster than the block-chain.
You can also read about layer 2, the lightning network paper and the
duplex micropayment channel paper:
http://lightning.network/lightning-network-paper-DRAFT-0.5.pdf
http://www.tik.ee.ethz.ch/file/716b955c130e6c703fac336ea17b1670/duplex-micropayment-channels.pdf
and read the development list and look at the code:
http://lists.linuxfoundation.org/pipermail/lightning-dev/
https://github.com/ElementsProject/lightning
Adam
On 27 June 2015 at 16:39, Michael Naber <mickeybob at gmail.com> wrote:
> Demand to participate in a low-fee global consensus network will likely
> continue to rise. Technology already exists to meet that rising demand using
> a blockchain with sufficient block size. Whether that blockchain is Bitcoin
> Core with an increased block size, or whether it is a fork, market forces
> make it almost certain that demand will be met by a blockchain with adequate
> capacity. These forces ensure that not only today’s block size will be
> increased, but also that future increases will occur should the demand
> arise.
>
> In order to survive, Bitcoin Core must remain the lowest-fee,
> highest-capacity, most secure, distributed, fastest, overall best solution
> possible to the global consensus problem. Attempting to artificially
> constrain the block size below the limits of technology for any reason is a
> conflict with this objective and a threat to the survival of Bitcoin Core.
> At the same time, scheduling large future increases or permitting unlimited
> dynamic scaling of the block size limit raises concerns over availability of
> future computing resources. Instead, we should manually increase the block
> size limit as demand occurs, except in the special case that increasing the
> limit would cause an undue burden upon users wishing to validate the
> integrity of the blockchain.
>
> Compromise: Can we agree that raising the block size to a static 8MB now
> with a plan to increase it further should demand necessitate except in the
> special case above is a reasonable path forward?
>
> _______________________________________________
> bitcoin-dev mailing list
> bitcoin-dev at lists.linuxfoundation.org
> https://lists.linuxfoundation.org/mailman/listinfo/bitcoin-dev
>
📝 Original message:Michael Naber wrote:
> Bitcoin Core must remain the lowest-fee, highest-capacity, most secure, distributed, fastest, overall best solution possible to the global consensus problem.
Everyone here is excited about the potential of Bitcoin and would
aspirationally like it to reach its full potential as fast as
possible. But the block-size is not a free variable, half those
parameters you listed are in conflict with each other. We're trying
to improve both decentralisation and throughput short-term while
people work on algorithmic improvements mid-term. If you are
interested you can take a look through the proposals:
http://lists.linuxfoundation.org/pipermail/bitcoin-dev/2015-June/008603.html
Note that probably 99% of Bitcoin transactions already happen
off-chain in exchanges, tipping services, hosted wallets etc. Maybe
you're already using them, assuming you are a bitcoin user.
They constitute an early stage layer 2, some of them even have on
chain netting and scale faster than the block-chain.
You can also read about layer 2, the lightning network paper and the
duplex micropayment channel paper:
http://lightning.network/lightning-network-paper-DRAFT-0.5.pdf
http://www.tik.ee.ethz.ch/file/716b955c130e6c703fac336ea17b1670/duplex-micropayment-channels.pdf
and read the development list and look at the code:
http://lists.linuxfoundation.org/pipermail/lightning-dev/
https://github.com/ElementsProject/lightning
Adam
On 27 June 2015 at 16:39, Michael Naber <mickeybob at gmail.com> wrote:
> Demand to participate in a low-fee global consensus network will likely
> continue to rise. Technology already exists to meet that rising demand using
> a blockchain with sufficient block size. Whether that blockchain is Bitcoin
> Core with an increased block size, or whether it is a fork, market forces
> make it almost certain that demand will be met by a blockchain with adequate
> capacity. These forces ensure that not only today’s block size will be
> increased, but also that future increases will occur should the demand
> arise.
>
> In order to survive, Bitcoin Core must remain the lowest-fee,
> highest-capacity, most secure, distributed, fastest, overall best solution
> possible to the global consensus problem. Attempting to artificially
> constrain the block size below the limits of technology for any reason is a
> conflict with this objective and a threat to the survival of Bitcoin Core.
> At the same time, scheduling large future increases or permitting unlimited
> dynamic scaling of the block size limit raises concerns over availability of
> future computing resources. Instead, we should manually increase the block
> size limit as demand occurs, except in the special case that increasing the
> limit would cause an undue burden upon users wishing to validate the
> integrity of the blockchain.
>
> Compromise: Can we agree that raising the block size to a static 8MB now
> with a plan to increase it further should demand necessitate except in the
> special case above is a reasonable path forward?
>
> _______________________________________________
> bitcoin-dev mailing list
> bitcoin-dev at lists.linuxfoundation.org
> https://lists.linuxfoundation.org/mailman/listinfo/bitcoin-dev
>