-----BEGIN PGP SIGNED MESSAGE----- Hash: SHA1 Very interesting point and comparison. So the fee market is unknown, similar to a market maker's orderbook - except in the case of Bitcoin it is not being deliberately hidden from users, its just not knowable how miners are positioning at any given moment.
On 06/28/2015 12:54 AM, Peter Todd wrote: > On Sat, Jun 27, 2015 at 07:46:55PM +0200, Benjamin wrote: >> There is no ensured Quality of service, is there? If you "bid" >> higher, then you don't know what you are going to get. Also >> because you have no way of knowing what *others* are bidding. >> Only if you have auctions (increasing increments) you can >> establish a feedback loop to settle demand and supply. And the >> supply side doesn't adapt. Adapting supply would help resolve >> parts of the capacity problem. > > There's lots of markets where there is no assured quality of > service, and where the bids others are making aren't known. Most > financial markets work that way - there's only ever probabalistic > guarantees that for a given amount of money you'll be able to buy a > certain amount of gold at any given time for instance. Similarly > for nearly all commodities the infrastructure required to mine > those commodities has very little room for short, medium, or even > long-term production increases, so whatever the production supply > is at a given time is pretty much fixed. > > > > _______________________________________________ bitcoin-dev mailing > list bitcoin-dev@lists.linuxfoundation.org > https://lists.linuxfoundation.org/mailman/listinfo/bitcoin-dev > -----BEGIN PGP SIGNATURE----- Version: GnuPG v1 iQEcBAEBAgAGBQJVjuRiAAoJEGwAhlQc8H1mjnwIAIiUSPf6agfMXsFgupoihsTV Pr1mJWHdLjrF5QadmdyooivYGPkY+zmfJ+N3fkr8l++PDGh03u0RgALf/gwJSSAQ qSeMmjSZb8ZEkyLlZAGVHT8Ph+lRda65CVxYspKu/54TolqEezOHVaon9uWYVjtB cSd8fWoqJMq05Pz25QPagxFUpXmtFX1KvxUWqeGkRsuqMgeWbCurQKpOhRXu48nH Si73iOIyDUT9i1WsPvlpOi0pSxDlGnkMQKaEyIN5JJfKo1imRAtKVRLZh43rXpSW jeZf8LMRwd49K4vnvHXZ0UbKWhpelh6XJari22citZ7yb5w5iENAcoP/cSGhLaY= =nfF5 -----END PGP SIGNATURE----- _______________________________________________ bitcoin-dev mailing list bitcoin-dev@lists.linuxfoundation.org https://lists.linuxfoundation.org/mailman/listinfo/bitcoin-dev
