2017-07-13 20:29 GMT-03:00 Tomas <[email protected]>: > > > > On Fri, Jul 14, 2017, at 01:09, Lucas Clemente Vella wrote: > > But how can we be prevent the network from operate near the limit if there > is organic and legitimate demand for more transactions to be approved? If > there is demand, miners will inflate the block as much as they can, either > to collect transaction fees, or to preserve Bitcoin economic value as a > cheap transaction medium (which drives price up, as it is more useful to a > wider range of people). > > > This is primarily prevented by the fact that there are few things with > less elastic demand then financial transactions. > > Minimum fees serve miners and the network to eliminate use cases that are > inefficient for miners to include and are better served off chain, such as > pay-per-second micropayments or dime betting. This is why they were common > amongst miners long before blocks were full. > > For ordinary payments, there is no elasticity in demand whatsoever as > people don't *want* to make financial transactions; they *have to*. Bank > and cash transfers are free yet limited to a handful a day per person. > Bitcoin's growth occurs natural and slowly as more people start using > bitcoin for payments; not because people trying to do more payments just > because they are too cheap. > > There has never been any indication of bitcoin's growth surpassing > technological improvement or leading to "centralization". Sure there is > lots of reasons to worry about mining centralization but this is not solved > and more likely worsened by limiting bitcoin's growth and the blocksize. > > Regards, > Tomas > Bitcrust >
Unless you are trying to argue with me that block size limit should be much higher, that argument doesn't make much sense, because for some time now we've reached the cap. And even then, I am not convinced it is not a problem, because is not a matter of how many transactions a person makes per day, but how many people are starting to use Bitcoin. The ratio of (current users) / (potential + current users) is astoundingly high, thus there is much potential growth beyond the current cap. Socio-economic movements, like Bitcoin adoption, can be highly non-linear, and very likely exponential, quickly filling up any new cap imposed. -- Lucas Clemente Vella [email protected]
_______________________________________________ bitcoin-discuss mailing list [email protected] https://lists.linuxfoundation.org/mailman/listinfo/bitcoin-discuss
