Re: Not Bitcoin XT

Whenever the demand is greater than the capacity, some transactions will inevitably be delayed.

No, if the price can adjust then demand will always equal supply. What kind of professor are you?

The price for fees can change, more wallets need to implement this feature tho. That is all that is needed for there to be no queues.

No, that doesn't make any sense. If 200 people want to take the bus but it only has 100 eats then it doesn't matter what the ticket price is - there will be 100 people that will be delayed getting to their destination. The only option you are talking about is that 100 people who really want to take the bus now are forced to take a taxi - aka, use something other than Bitcoin. While this is possible, it is also bad for growth when done by artificially taking seats out of the bus for the purpose of forcing ticket prices higher.

TLDR; Limiting the block size for any reason other than technical scalability reasons is a bad idea.

If the ticket price increases only 100 people will want to take the bus not 200 so there will be no queue.

Thats how economics works everywhere for everything. Using your reasoning everything on earth has a unlimited queue, from tomatoes to busses, to bitcoin now, cause if the cost to buy bitcoin (or any other product or service on earth) was lower more people would get it.

With all due respect thats absurd, thats not a queue by normal definition.

And there is nothing artificial about it, in the same way that busses can only hold so much people and there is nothing artificial about that.

To go with the bus analogy, in my eyes you want to design a bus that holds 800 people (i.e. 8GB blocks) I find thats too much and think the design should only allow for 200 people. There is nothing artificial about a limit in the design of a bus.

Its a characteristic of Bitcoin, its no more artificial the 21 million limit which is also just another characteristic. The second one is held more sacred tho.

It's more like 200 people showed up to take the bus but when the time came to board the bus, they found out that the price was too high so they were forced to wait for the next bus. Eventually, as you

Thats why I said this

Quote

The price for fees can change, more wallets need to implement this feature tho. That is all that is needed for there to be no queues.

The more efficient the market and price finding mechanisms are the less queues there will be. Even with a small block size.

If wallets allow for the fee price to be changed, queues for average users will be rare and there will be a known amount above which users can be certain of getting into a block immediately.

If wallets additionally have smart price finding mechanism the market will be even more efficient and queues will be rarer.

If you have replace-by-fee as Peter Todd is trying to advocate, and wallets and pools implement that functionality, the market can be even more efficient and users can have a flawless experience without having to worry about fees at all.

I believe that having some fee pressure will push wallet developers to implement these relatively simple abilities. Some small block size increase(s) will be needed tho at some point.