t. khan [ARCHIVE] on Nostr: 📅 Original date posted:2016-12-11 📝 Original message:On Sun, Dec 11, 2016 at ...
📅 Original date posted:2016-12-11
📝 Original message:On Sun, Dec 11, 2016 at 3:31 PM, James Hilliard <james.hilliard1 at gmail.com>
wrote:
> What's most likely to happen is miners will max out the blocks they
> mine simply to try and get as many transaction fees as possible like
> they are doing right now(there will be a backlog of transactions at
> any block size). Having the block size double every year would likely
> cause major problems and this proposal allows over a 7x increase it
> seems.
Block75 is not exponential scaling. It's true the max theoretical increase
in the first year would be 7x, but the next year would be a max of 2x, and
the next could only increase by 50% and so on.
However, to reach the max in the first year: 1) ALL blocks would have to be
100% full and 2) transactions would have to increase at the same rate. We'd
have to be doing 2.1 million transactions a day within a year to make that
happen, and would therefore need blocks to be that big.
Realistically, max block size will grow (and shrink) at a much slower rate
... even more so with SegWit.
> The main problem with this proposal I think is that users effectively
have no way to stop the miners from increasing block size
> continuously.
Yes they could, simply by not sending transactions. Users don't care at all
about block size. They just want their transactions to be fast and
relatively cheap.
-t.k.
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📝 Original message:On Sun, Dec 11, 2016 at 3:31 PM, James Hilliard <james.hilliard1 at gmail.com>
wrote:
> What's most likely to happen is miners will max out the blocks they
> mine simply to try and get as many transaction fees as possible like
> they are doing right now(there will be a backlog of transactions at
> any block size). Having the block size double every year would likely
> cause major problems and this proposal allows over a 7x increase it
> seems.
Block75 is not exponential scaling. It's true the max theoretical increase
in the first year would be 7x, but the next year would be a max of 2x, and
the next could only increase by 50% and so on.
However, to reach the max in the first year: 1) ALL blocks would have to be
100% full and 2) transactions would have to increase at the same rate. We'd
have to be doing 2.1 million transactions a day within a year to make that
happen, and would therefore need blocks to be that big.
Realistically, max block size will grow (and shrink) at a much slower rate
... even more so with SegWit.
> The main problem with this proposal I think is that users effectively
have no way to stop the miners from increasing block size
> continuously.
Yes they could, simply by not sending transactions. Users don't care at all
about block size. They just want their transactions to be fast and
relatively cheap.
-t.k.
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