Sure. We should increase the size of the blocks. We can't wait the day when the block size is saturated.
This day will finally happened. The key is can we never do this again?
Topic: Increase block size or increase fees? - page 4. (Read 3599 times)
Back to the blunt technicalities: what happens if the block size does not grow?
Why? because people with unconfirmed tx would just keep re-submitting and spam, as that's the most effective technique to get *your* transaction through in a congested traffic situation, just like elbowing is the most effective technique to get through a crowd.
Yes, it would be selfish, but it would still happen.
Let's face it: limiting block size will NOT reduce network contention or make running nodes lighter.
Only reduced bitcoin usage would, and increasing fees would achieve that.
So basically the two options today are to either do something and increase block size, or do nothing and let fees rise.
edit: just to be clear, I am for the block-size increase, I am just outlining the only possible consequence of NOT increasing block size, and that is a fee increase.
- more memory usage (ever growing mempool, ie. the list of unconfirmed tx each node maintains)
- more network bandwidth (unconfirmed tx keep getting flown around and resubmitted)
- more double spends (from resubmitted tx that occasionally go through)
- increasing fees (pools trying to deal with the above, and treat any tx without enough fee as spam)
Why? because people with unconfirmed tx would just keep re-submitting and spam, as that's the most effective technique to get *your* transaction through in a congested traffic situation, just like elbowing is the most effective technique to get through a crowd.
Yes, it would be selfish, but it would still happen.
Let's face it: limiting block size will NOT reduce network contention or make running nodes lighter.
Only reduced bitcoin usage would, and increasing fees would achieve that.
So basically the two options today are to either do something and increase block size, or do nothing and let fees rise.
edit: just to be clear, I am for the block-size increase, I am just outlining the only possible consequence of NOT increasing block size, and that is a fee increase.
Jump to: