Another +8% for SegWit. Bitfury joins in. _ Bitcoin bits bitcoin

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I’m one of the people quoted in the article, by the way.

The three arguments presented by mr. Olds are:

• if we increase the block size, we create an implicit promise that we will keep increasing it indefinitely. Even if increasing the block size is safe now, this won’t always be true.Bits bitcoin it’s best to hold firm on keeping blocks small to prevent users from expecting further increases.

This is pretty much a strawman, as I don’t know anyone who would agree with it as written. Nobody argued for keeping the limit smaller than it needed to be. It does not stand alone as a reason for wanting a block size limit. More charitably one might argue for a temporary lower limit, for testing purposes, or argue that we should do a single hard fork and not multiple successive limit increases (this is my view). But even with that interpretation I would not have put this reason first as mr. Olds did.

But regardless it is actually a historically correct observation. We used to have smaller policy-enforced block size limits. We used to have a plan for safely testing fee market tools in production by keeping these limits in place when they are reached.Bits bitcoin that way we would get the advantages of testing in production but if there was problem the limit could be easily raised, either temporarily or in a slow ratchet up to the hard limit of 1MB. This would allow vital testing of fee market tools

But what actually happened is the developer in favor of no block size limits whatsoever repeatedly merged default policy bumps before the limit was ever hit, despite objections, and then sneakily increased the policy all the way up to 750kb (it was previously either 150kb or 250kb, IIRC) in a way that bypassed peer review. Then once that limit was approached, a political shitstorm + backroom conversations got the policy limit removed altogether.

So we had a limit in place. We had a reason to keep that limit temporarily for the purpose of testing the fee market infrastructure.Bits bitcoin but someone who was against fee markets in general orchestrated a sky-is-falling never hit the limit! Campaign to get it increased every single time it was approached. So reality check: the slippery slope argument was not a what-if, but actual historical truth here.

Thus, an argument based on facts (last time we had this problem, we did X but Y happened) not political viewpoints.

• we will need fees to pay for security at some point in the future, so it’s important to create a fee market soon.

Bitcoin requires fees in the long term, when subsidy has gone away. This is fact. The fee market is how transactions safely bid for block space, establishing the cost of a bitcoin transaction. These are all ideas tracing back to the very origin of bitcoin itself, some of them in the satoshi whitepaper. They are relatively uncontroversial, as far as I’m aware.Bits bitcoin

The claim is the 2nd part of the sentence so it’s important to create a fee market soon. This is a technical claim, if you actually read the quotes that back it up: we must test the infrastructure for a fee market NOW, so that when it is required later we know that it works. Otherwise bitcoin might actually fail.

This is basic engineering safety: test early, and test when the consequences of failure are smallest.

• keeping transaction capacity ahead of demand removes the incentive to build, deploy, and maintain more long term scaling solutions such as the lightning network, so we should let blocks fill up now.

Again, a statement that isn’t a what-if claim but just pointing to the historical record. The need for a fee market was known since 2009. The ideas that would make a fee market possible — safe RBF, and dealing with replacement transactions for example — were created shortly thereafter.Bits bitcoin since at least 2013 there had been strong advocating from the bitcoin core developers to infrastructure people (services, wallets, etc.) to implement these technologies. Almost nobody did.

As soon as we hit full (1MB) blocks? Nearly everybody had fixed their infrastructure to deal with replaced or malleated transactions, within weeks or months of it becoming an issue.

Simple historical observation: all the good intention in the world counts for shit. People won’t write code until they have to (see also, Y2K).

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Segwit automatically activates when at retarget time 95% of the blocks in the retarget interval signal segwit. It is set this way to limit the potential for network disruption where blocks are orphaned, or even activating with a minority hashpower which would be unstable.Bits bitcoin

To achieve that bar one potential way is for 95% of the hashpower to update, that is best and smoothest path… But it’s not the only way. E.G. Less than 95% can update but they could prefer to follow segwit blocks in block races. Technically, any sustained majority of hashpower can cause it to activate.

In practice, this means that people concerned about hold-up have options. Personally, I don’t worry much about it. I only mention it to be clear that there isn’t some grievous attack vector created because the automatic activation threshold is 95%– e.G. You can’t simply perform a short term bribe of a few percent of hashpower and block it forever as some seem to have thought.

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