14 May '17, 3pm

Artificially limiting the block size will simply cause potential Bitcoin users to use something else.

Artificially limiting the block size will simply cause potential Bitcoin users to use something else.

Recently I've seen a number of people in the Bitcoin ecosystem commenting that they think that Bitcoin blocks should always be completely full. This is analogous to thinking that Starbucks should always be completely sold out of coffee. Block space is like coffee in that it is a consumer good. When consumers buy coffee, they are expressing their desire for this consumer good. When Bitcoin users pay transaction fees for inclusion in a block, they are expressing their desire for the consumer good of block space as well. In the coffee market, there are numerous suppliers of coffee. We have Starbucks, Tully's, Costa, and numerous others. We also have competitors to drinking coffee, such as Coke, Pepsi, water, caffeine pills, and a myriad of other options. Consumers will look at the price of coffee from the various suppliers, and coffee alternatives. They will then decide the a...

Full article: https://fee.org/articles/time-to-end-the-block-size-block...

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