Advertise with us (we do not endorse any site advertised)

Author Topic: Jeff Garzik's opinion: Bitcoin block size thought  (Read 3770 times)

0 Members and 1 Guest are viewing this topic.

Offline bitcoinforum.comTopic starter

  • Administrator
  • Legendary Member
  • *******
  • Joined: Nov 2011
  • Location:
  • Posts: 1470
  • Country: bz
  • Thanked: 26 times
  • Karma: +27/-0
  • Gender: Male
  • The Bitcoin genie is already out of the bottle.
    • View Profile
  • Bitcoin Address: 3BWV2PzZAgzqQQQetShbq6esAVmFs7hf1C
Jeff Garzik's opinion: Bitcoin block size thought
« on: February 25, 2013, 06:04:07 PM »
Jeff Garzik's opinion: Bitcoin block size thought

Bitcoin block size thought
(Monday, February 25, 2013)

As pasted from an IRC discussion today:
  • (a) I once You are not allowed to view links. Register or Login to change max block size, so I thought about this long before forum readers ever woke up to the issue,
  • (b) I have since backed down from that radical position,
  • (c) it seems likely that max block size will change sometime in bitcoin's future,
  • (d) block size is VERY MUCH like bitcoin's 21M limit, so a lot of care must be taken when changing MAX_BLOCK_SIZE logic.  Block size is an economically limited resource whose production is tightly defined and controlled by algorithm, with an intentionally steady production rate (the 1MB limit).
  • (e) I lean against solutions that are feedback-based (average of last 1000 block sizes, etc.), as they can be gamed too easily
  • (f) implementation will likely be:  if (now > future date) { do it }
  • (g) my default rhetorical position will be to push back against changes, for now, since there is no demonstrated need for hard fork.
  • (g.1) Block sizes are nowhere near maximum, and
  • (g.2) Competition for space encourages efficient solutions, whereas a too-loose block size policy incentivizes the opposite: dumping into the block chain
  • (h) when I ran asic + p2pool, I set max block size at 900k and free tx at 300k.  That reflects my personal (not official dev team etc.) preferences.  I filtered out 1e8 outputs from mempool.
  • And very importantly, (i) it is a mistake to increase block size simply because people are too lazy to implement layers on top of bitcoin.  Bitcoin will forever be a zen balance of applications and layers that sit on top of the blockchain, and those that directly use the blockchain itself as their comm/functional layer (c.f. SatoshiDICE).

So I generally agree with a lot of gmaxwell's points, and it is important therefore to not arbitrarily increase blocksize, simply because that makes some apps easier -- because they free-ride on the blockchain itself. Maybe one future state of The Mainnet Blockchain is simply a high security merged mining root for several important chains, who can say?
Block size is a core economic resource, like the number of bitcoins itself. Not merely the number of transactions we can support... it influences fees and many other factors.
My off-the-cuff guess (may be wrong) for a solution was:  if (todays_date > SOME_FUTURE_DATE) { MAX_BLOCK_SIZE *= 2, every 1 years }  [Other devs comment: too fast!]  That might be too fast, but the point is, not feedback based nor directly miner controlled.
  • Block size does not need to change right now.
  • If and when block size changes, implement a simple rule, and let the free market figure out the rest (which might include a more complex rule years later, when the picture is more clear).
Standard disclaimer:  speaking only for myself, not any other dev or organization.
Source You are not allowed to view links. Register or Login
"Your keys, your Bitcoin. Not your keys, not your Bitcoin." (Andreas Antonopoulos)
You are not allowed to view links. Register or Login
You are not allowed to view links. Register or Login


Block 209,999

Started by

Replies: 8
Views: 7407
Last post April 25, 2013, 04:32:00 AM
by iBits

Started by iBits

Replies: 6
Views: 10335
Last post July 23, 2013, 01:39:06 PM
by Obituary
My Bitcoin master thesis

Started by ThePiachu

Replies: 2
Views: 11288
Last post December 04, 2012, 10:55:47 PM
by cryptoanarchist
PHP API Connector for

Started by pangu

Replies: 2
Views: 5985
Last post April 01, 2013, 08:14:11 AM
by gweedo
A ripple-like network for bitcoin? (brainstorming)

Started by timeofmind

Replies: 10
Views: 7253
Last post May 16, 2013, 04:15:32 PM
by timeofmind

your ads here