If Bitcoin goes to $1 million, is the blocksize limit going to be increased by at least 10x ?

I think I know the answer, but I don't claim to know it for sure.

When people float the prospect of even higher future prices for Bitcoin, like $3.8M or $13M per coin, I have to ask myself a similar question. Just adjust the factors to 38x or 130x.

 

On a network with adequate capacity engineering, transaction capacity (supply) remains above demand, thus as the unit price of the coin rises, the fees rise linearly (*). The relationship between price and fees on a network like BTC where blockspace supply is not kept above demand, is not linear...

I am myself interested to better understand the nature of this relationship, but I know it's some type of bursty, explosive and hard-to-accurately-predict affair. Reminds me of a car exhaust, stuttering just before it back-fires. Normally a sign that the car has to go into the workshop for maintenance.

 

(*) barring e.g. increase of minimum fee rates, or changes to how minimum fees are calculated, as part of network policy

 

If you want to find out whether a sub censors serious discussion about scaling Bitcoin, then you can try to ask the same question there and see if your post gets censored or moderated. For example, I would consider this a question that a newcomer to Bitcoin might ask, but I am prevented from posting it in r/BitcoinBeginners.

submitted by /u/LovelyDayHere to r/btc
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Quelle: bitcoin-en