Gregory Maxwell [ARCHIVE] on Nostr: đź“… Original date posted:2013-02-13 đź“ť Original message:On Wed, Feb 13, 2013 at ...
đź“… Original date posted:2013-02-13
đź“ť Original message:On Wed, Feb 13, 2013 at 6:58 AM, Raph Frank <raphfrk at gmail.com> wrote:
>> Bitcoin is not a democracy— it quite intentionally uses the consensus
>> mechanism _only_ the one thing that nodes can not autonomously and
>> interdependently validate (the ordering of transactions).
> So, how is max block size to be decided then?
In one sense it already is decided— there is a protocol rule
implementing a hard maximum, and soft rules for lower targets. If
it's to be changed it would only be by it being obvious to almost
everyone that it should _and_ must be. Since, in the long run,
Bitcoin can't meet its security and decenteralization promises without
blockspace scarcity to drive non-trivial fees and without scaling
limits to keep it decenteralized— it's not a change that could be made
more lightly than changing the supply of coin.
I hope that should it become necessary to do so that correct path will
be obvious to everyone, otherwise there is a grave risk of undermining
the justification for the confidence in the immutability of any of the
rules of the system.
đź“ť Original message:On Wed, Feb 13, 2013 at 6:58 AM, Raph Frank <raphfrk at gmail.com> wrote:
>> Bitcoin is not a democracy— it quite intentionally uses the consensus
>> mechanism _only_ the one thing that nodes can not autonomously and
>> interdependently validate (the ordering of transactions).
> So, how is max block size to be decided then?
In one sense it already is decided— there is a protocol rule
implementing a hard maximum, and soft rules for lower targets. If
it's to be changed it would only be by it being obvious to almost
everyone that it should _and_ must be. Since, in the long run,
Bitcoin can't meet its security and decenteralization promises without
blockspace scarcity to drive non-trivial fees and without scaling
limits to keep it decenteralized— it's not a change that could be made
more lightly than changing the supply of coin.
I hope that should it become necessary to do so that correct path will
be obvious to everyone, otherwise there is a grave risk of undermining
the justification for the confidence in the immutability of any of the
rules of the system.